County Government and County Affairs in North Carolina

County Government and County Affairs in North Carolina

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1918 edition. Excerpt: ...affected by a movement of cash, which as a whole is meaningless, valueless, a misguide, and the information produced leads to nowhere. Cash receipts are not revenues. A statement of receipts is a record of the conversion of assets into cash, or the creation of liabilities. Disbursements are not expenses. A statement of disbursements is a record of the extinguishment of liabilities or the conversion of cash assets into some other class of assets. There is an important distinction between a statement of receipts and disbursements and a statement of revenues and expenses. A statement of revenues is the ascertained income belonging to the fiscal period, regardless of when or how it is collected. A statement of expenses of the fiscal period is a record of expenses belonging to the fiscal period, regardless of when or how they are paid. An annual statement of the receipts and disbursements of a county, representing the collection of its revenues and the payment of its expenses that may belong to a past or future fiscal period, is entirely a different statement from a statement of revenues and expenses showing all revenues and expenses belonging to the year, whether they are collected or paid. The cash book system is a record of the revenues or other receipts that may belong to the present, past, or future fiscal period, instead of a record covering the period to which they belong. The expenses are recorded when they are paid instead of being recorded when they are incurred. With few or no exceptions, the counties of the State maintain only the cash book system, and this accounts for the failure of the counties to submit complete and intelligent financial statements that would exhibit a correct view of financial conditions. To illustrate the distinction...
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Product details

  • Paperback | 78 pages
  • 189 x 246 x 4mm | 154g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236579755
  • 9781236579751