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Oracle Vocab

Subjects : oracle, it-skills
Instructions:
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. The spread of an assets cost over the time period it is used.






2. An Inventory carried on accounting records as an asset whose stock items are valued at their unit cost times their quantity on hand - and the stock value is not expensed to a final user account until the material is issued to that user.






3. The major fund in most government unit - the General Fund accounts for all activities not accounted for in other funds. Most functions such as Public Safety or Health Services and Human Resources are accounted for in the General Fund.






4. Use of an appropriation to purchse goods and services necessary to carry out the responsibilities of a department or organization. Expenditures are decreases in net financial resources.






5. An encumbrance category that allows you track you anticipated expenditures according to your purchase approval process. Types:commitments ( requisition encumbrances) and obligation ( PO encumbrances).






6. The Generally Accepted Accounting Principles( GAAP) promulgated by te Governmental Accountng Standards Board - which guide the recording and reporting of financial information by state and local governments.






7. A method of accounting in which revenues are recorded only when cash is received and expenditures are recorded only when payment is made.






8. A legal authorization to make expenditures or to enter into obligations for specific purposes. An appropriation is usually limited in amount for each department or fund of the County and as to the time when it may be expended - normally only during t






9. One or more funds that account for the goods and services provided by one department to another within a government on a cost-reimbursement basis. ( General Services Facilities Management - Fleet Maintenance - and Document Services ISF) will budget a






10. A fund used to account for the financing of good or services provided by one department to other departments of the County - or to other governmental units - on a cost-reimbursement basis.






11. Does not include paid or unpaid leave - work performed on behalf of a busness entity which is required for that entity to fullfil its business purpose.






12. Assets - which are intended to be held or used for an extended periof of time - such as land - buildings - structures - machinery - furniture - and other equipment. Any piece of equipment costing $5 -000 or more must be purchased as a fixed asset.






13. Accounts for assets held by government in a trustee capacity for public employement retirement systems.






14. A fund used to account for the proceeds of specific revenue sources that are legally restricted to expendiutres for a specified purpose.






15. When the PO is created from the Requisiton in Purchasing. This action then relieves the Commitment encumbrance that was created by the Requsition and creates an Obligation.






16. Annual pricipal and interest payments that a local government of fund owes on money that is has borrowed.






17. General - Special Revenue Funds - Capital Project Funds - Debt Service Funds






18. A spending plan for improvements to or acquisition of land - facilities - and infrastructure. The capital budget balances revenues and expenditures - specifies the sources of revenues - and lists each project or acquisition.






19. A type of purchase order that can be issued for delivery of goods or services for specific dates and locations. Each standard purchase order line can have multiple shipments and ca distribute the quantity of each shipment across multiple accounts.






20. The authorized budget for a project or task - which is used for performance reporting and revenue calculation.






21. A budget Format prescribed by the State Controller. Refers to account and sub-account detail typically provided by revenue source - and objects of expenditures based on the types of goods or services(salaries & benefits - services & supplies - other






22. The amount of revenue expected to accrue or to be collected during a fiscal year.






23. The amount of direct and indirect costs that would be reduced or eliminated if a service currently provided by County staff were to be provided by contract. These costs are typically include all direct and variable costs - as well as any portions of






24. An object of value owned by a corporation or business. Assets are entered in Oracle Projects as non-labor resources.






25. The difference between budgeted amounts and all actual and anticipated expenditures.






26. Is a written record for goods or services provided or request for payment. A summarized list of charges and other information that is recorded in Account Receivalbe - can be printed - and can be sent to a customer to request payment or reimbursement.






27. The term used for major contsruction projects - the acqusition of land - and the investment in major Capital Assets in the County. The project assets are of significant value and have a useful life of five years or more. Imcude the purchase of land -






28. With separate revenue - expenditures - and fund balances. A legal independet fiscal and accounting entity - to record its cash and other resources and equties - assets - liabilities - reserves and surplus ( fund balance) as well as its income and exp






29. An anticipated expenditure as indicated by approval of requistion. Oracle Purchasing will send commitments to the General Ledger and Projects and Grants and it will be recorded as an encumbrance type.






30. It is business or individual that provides good and /or services in return for payment. Also known as a Vendor.






31. A grant - subsidy - revenue agreement - revenue contract - or specific funding which is allocated to an organization for a specific purpose(s) and can be used to fund one or more projects - An award is usually billed or invoiced to a Customer ( i.e.






32. A separate fund established to account for services that are supported primarly by service charges. They are similar to private business enterprise - where the costs of providing goods or services to the general public or to customer departments on a






33. A large database containing data summarized from one or more transactional systems - optimized to support the analysis needs of the enterprise.






34. A promise to repay borrowed money on a particular date - often ten or twenty years in the future; most bonds involve a promise to pay a specified dollar amount of interest at predetermined intervals. Bonds are a mechanism used to obtain long-term fin






35. The electronic process of mainaining an itemized list of current inventory.






36. Accounts for the purchase or construction of major facilities which are not financed by proprietary or trust funds.






37. An accounting method is used to allocate the costs associated with an activity to the individuals - groups - or organizations benefiting from that activity. Costs are based on activites rather than accounting data.






38. The of the cost of a fixed asset - other than a wasting asset - charged as an expense during a particular period. The cost of a fixed asses less any salvage value is prorated over the estimated service life of such an asset - and each period is charg






39. Funds that account for resources that government hold in trust for individuals or other governments. Examples include the Community Services Trust Fund for Developer deposit and School District Funds tha are included in the County Investment Pool.






40. The estimated cost amounts at completion of a project. Cost budget amounts can be summary or detail - and ca be burdened or unburdened.






41. Additional revenue received beyond that which was budgeted and which may be made available for the financing requirements of the County.






42. A self-balancing set of accounts.






43. An expenditure object within the budget for all standard costs of daily operations - including such terms as office supplies - contractual services - and travel.






44. Those elements of cost necessary in the production of an article or the performance of a service but no an integral part of the finished product or service - such as rent - heat - light - supplies - management - supervision - etc.






45. Elements of cost necessary in the production of an article of the performance of a services - but an integral part of the finished product or service - such a rent - heat light - supplies - management - second-level supervision. Can refer to Departme






46. Land - improvements to land - buildings - building improvements - vehicles - machinery - equipment - works of art and historical treasures - infrastructure - and all other tangible or intangible assets that are used in operations and that have initia






47. Locally generated revenues derived from property taxes - sales taxes - vehicle license fees - court fines - and fund balances. Can be used for any purpose that is a legal expenditure of County Funds. The Board of Supervisors controls their usage.






48. Units of work that can be broken down into one or more task to capture and related revenue.






49. Appropriations and estimated revenue or an annual spending plan that is adopted by the Board of Supervisors( or the Board acting as the Board of Directors) pursuant to the Goverment Code - which balances revenues and expenditures.






50. Items stocked in an inventory and controlled by tracking the quantity and value of each item. Typically - each item is considered an 'asset' until it is issued or adjusted ( expensed) out of the inventory. The value of the item is equal to the curren







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