Budget Terms 1
Carryforward is...
The unexpended balance at the end of a prior fiscal year that has been rolled forward to the next fiscal year.
Indirect costs are...
Costs that are not identified with a specific project or organizational activity.
Fringe means....
Supplementary wage, nonwage payments or benefits you receive from your employer.
The difference between actuals and budget is...
BUDGET include expenses you had planned for a fiscal year.
ACTUALS include expenses results for the fiscal year. Usually year-to-date or last month.
Direct costs are...
Costs that are identified directly with an activity, function, or product.
Making a budget allocation is...
Designating an amount of funding to an expenditure line.
General ledger is...
Recordkeeping system used to sort, store, and summarize a company's financial transactions.