AAAE ACE Airport Finance Mod 2
Accrual Basis Accounting - ANS-reporting profits while it is earned and charges when they
may be incurred, does not be counted whilst coins is exchanged
Activity-Based Budgeting (ABB) - ANS-Budgeting technique that makes a speciality of the
budgeted fee of the activities vital to perform features.
1. Identify sports and their fee drivers
2. Forecast range of devices of value motive force for required pastime degree
3. Calculate the price driver (price in line with unit of pastime)
Audit - Disclaimer of Opinion - ANS-Given by means of auditor when unable to provide
opinion when constrained evidence available fir which to base an opinion
Audit - certified opinion - ANS-Auditor is unable to country economic statements in
compliance with GAAP either due to some misstatements, quantities aren't provided in
accordance with GAAP, or auditor changed into unable to audit one or extra areas of
economic statements, but relaxation are compliant with GAAP
Audit - unqualified opinion - ANS-Financial statements are provided pretty in accordance
with GAAP
Audit Process - ANS-1. Planning/Preparation
2. Entrance Conference
3. Fieldwork
four. Draft Report
five. Exit Conference
6. Draft Report
7. Final Report
Audit- Adverse Opinion - ANS-Given with the aid of auditor once they feel financial reports
are materially misstated. Financial reports no longer in accordance with GAAP and now not
correct or reliable
Budget Cycle - ANS-Planning, preparation, approval, execution (or expenditure), evaluation,
audit
CAFR — Comprehensive Annual Financial Report - ANS-GASB endorsed monetary
document of all budget spent by way of authorities entity
Capital Budget - ANS-budget for essential capital, or funding, costs masking as much as
5-10 years, also concern to depreciation on accounting records
Accrual Basis Accounting - ANS-reporting profits while it is earned and charges when they
may be incurred, does not be counted whilst coins is exchanged
Activity-Based Budgeting (ABB) - ANS-Budgeting technique that makes a speciality of the
budgeted fee of the activities vital to perform features.
1. Identify sports and their fee drivers
2. Forecast range of devices of value motive force for required pastime degree
3. Calculate the price driver (price in line with unit of pastime)
Audit - Disclaimer of Opinion - ANS-Given by means of auditor when unable to provide
opinion when constrained evidence available fir which to base an opinion
Audit - certified opinion - ANS-Auditor is unable to country economic statements in
compliance with GAAP either due to some misstatements, quantities aren't provided in
accordance with GAAP, or auditor changed into unable to audit one or extra areas of
economic statements, but relaxation are compliant with GAAP
Audit - unqualified opinion - ANS-Financial statements are provided pretty in accordance
with GAAP
Audit Process - ANS-1. Planning/Preparation
2. Entrance Conference
3. Fieldwork
four. Draft Report
five. Exit Conference
6. Draft Report
7. Final Report
Audit- Adverse Opinion - ANS-Given with the aid of auditor once they feel financial reports
are materially misstated. Financial reports no longer in accordance with GAAP and now not
correct or reliable
Budget Cycle - ANS-Planning, preparation, approval, execution (or expenditure), evaluation,
audit
CAFR — Comprehensive Annual Financial Report - ANS-GASB endorsed monetary
document of all budget spent by way of authorities entity
Capital Budget - ANS-budget for essential capital, or funding, costs masking as much as
5-10 years, also concern to depreciation on accounting records
