Audit Manual - Core Treasury System Uttarakhand

Government of Uttarakhand
Audit Manual
Sr No. Term Meaning
43 Interest
1. The fee charged by a lender to a borrower for the use of borrowed money, usually expressed as an annual percentage of the
principal; the rate is dependent upon the time value of money, the credit risk of the borrower, and the inflation rate. Here, interest
per year divided by principal amount, expressed as a percentage. Also called interest rate. 2. The return earned on an investment
44 Internal Control
Systematic measures (such as reviews, checks and balances, methods and procedures) instituted by an organization to (1)
conduct its business in an orderly and efficient manner, (2) safeguard its assets and resources, (3) deter and detect errors, fraud,
and theft, (4) ensure accuracy and completeness of its accounting data, (5) produce reliable and timely financial and management
information, and (6) ensure adherence to its policies and plans
45 Inventory A complete listing of merchandise or stock on hand, work in progress, raw materials, finished goods on hand, etc
46 Invoice/Bill
An invoice or bill is a commercial document issued by a seller to the buyer, indicating the products, quantities, and agreed prices
for products or services the seller has provided the buyer
47 Ledger An accounting book of final entry where transactions are listed in separate accounts is called a ledger.
48 Legislature The Legislature of the Uttarakhand, consisting of the Legislative Assembly
49 Liability
A debt or outstanding balance owed to another party requiring a future cash flow for satisfaction or extinguishment. This may be
considered short term (less than twelve months) or long term (greater than twelve months)
50 Liquid Assets
Assets that can be readily spent or transferred to cash such as bank accounts (e.g. checking accounts, savings accounts,
certificates of deposit, money market accounts, and current asset management accounts), and securities (e.g. stocks and bonds)
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