CONTROL ACCOUNT - An account in the general ledger in which the aggregate of all debit and credit postings to a number of related accounts （called the subsidiary accounts） are recorded. For example, the Accounts Receivable account is a control account supported by the aggregate of the individual customer subsidiary accounts. Refer to GENERAL LEDGER and SUBSIDIARY ACCOUNTS.
CORRECTIVE ACTION PLAN - An agency response to audit findings that documents how deficiencies are to be corrected, how improvements are to be made, or demonstrates that audit findings are invalid or do not warrant any subsequent action. Refer to AUDIT.
COST ACCOUNTING - That method of accounting which provides for accumulating and recording of all the elements of cost incurred to accomplish a purpose, to carry on an activity or operation, or to complete a unit of work or a specific job.
COST-BASED MEASURE - Value of investment that is based on the cost of the investment.
COST RECORDS - All ledgers, supporting records, schedules, reports, invoices, vouchers, and other records and documents reflecting the cost of projects, jobs, production centers, processes, operations, products, or services, or the cost of any of the component parts thereof.
CREDIT CARD - A card entitling the holder to buy services or goods on credit.
CURRENT ASSETS - Resources that are available, or can readily be made available, to meet the cost of operations or to pay current liabilities.
CURRENT FINANCIAL RESOURCES MEASUREMENT FOCUS - Measurement focus used by governmental funds that accounts for the near-term （current） inflows, outflows, and balances of expendable （spendable） financial resources. Refer to MEASUREMENT FOCUS.
CURRENT LIABILITIES - Those obligations which are payable within one year from current assets or current resources.
CUT-OFF DATE - A selected date whereby transactions generally are stopped to provide for closing of the books of accounts for a given period, or for audit purposes.
DEBIT CARD - A card that draws funds directly from a deposit account.
DEBT - An obligation resulting from the borrowing of money or from the purchase of goods and services. Debts of the state include bonds, accounts payable, and other liabilities. Refer to BONDS PAYABLE, ACCOUNTS PAYABLE, LIABILITIES, LONG-TERM OBLIGATIONS and GENERAL LONG-TERM OBLIGATIONS.
DEBT SERVICE FUNDS - Debt service funds are used to account for the accumulation of resources for, and the payment of, general long-term obligation principal and interest. Refer to GOVERNMENTAL FUNDS.
DEFERRED CHARGES - An asset account reflecting costs which are not chargeable to the accounting period in which paid but are recorded as assets until amortized. An example is discount on bonds issued. Deferred charges differ from prepaid expenses in that deferred charges usually extend over a long period of time （more than five years） and are not a regularly recurring cost of operation. Refer to PREPAID EXPENSES.
DEFERRED REVENUES - Deferred revenues are amounts for which asset recognition criteria have been met, but for which revenue recognition criteria for the fund type have not been met.
DEFICIT - （1） The excess of the liabilities and reserves of a fund over its assets. （2） The excess of expenditures over revenues during an accounting period or, in the case of proprietary funds, the excess of expenses over revenues during an accounting period.
DEPOSIT - Money or securities held in a bank or other financial institution. In the context of required note disclosures, deposits include cash and near cash items placed on account with a financial institution or fiscal agent. Some deposits （e.g., checking accounts） are subject to withdrawal upon demand without notice or penalty （demand deposits） and others （e.g., certificates of deposit） can only be withdrawn without penalty upon completion of a fixed period （time deposits）.
DEPRECIABLE CAPITAL ASSETS - Capital assets that are depreciated because they are exhaustible in that their useful lives diminish over time. Exceptions to this include infrastructure assets reported using the modified approach to depreciation. Refer to DEPRECIATION and MODIFIED APPROACH TO DEPRECIATION.
CORRECTIVE ACTION PLAN - An agency response to audit findings that documents how deficiencies are to be corrected, how improvements are to be made, or demonstrates that audit findings are invalid or do not warrant any subsequent action. Refer to AUDIT.
COST ACCOUNTING - That method of accounting which provides for accumulating and recording of all the elements of cost incurred to accomplish a purpose, to carry on an activity or operation, or to complete a unit of work or a specific job.
COST-BASED MEASURE - Value of investment that is based on the cost of the investment.
COST RECORDS - All ledgers, supporting records, schedules, reports, invoices, vouchers, and other records and documents reflecting the cost of projects, jobs, production centers, processes, operations, products, or services, or the cost of any of the component parts thereof.
CREDIT CARD - A card entitling the holder to buy services or goods on credit.
CURRENT ASSETS - Resources that are available, or can readily be made available, to meet the cost of operations or to pay current liabilities.
CURRENT FINANCIAL RESOURCES MEASUREMENT FOCUS - Measurement focus used by governmental funds that accounts for the near-term （current） inflows, outflows, and balances of expendable （spendable） financial resources. Refer to MEASUREMENT FOCUS.
CURRENT LIABILITIES - Those obligations which are payable within one year from current assets or current resources.
CUT-OFF DATE - A selected date whereby transactions generally are stopped to provide for closing of the books of accounts for a given period, or for audit purposes.
DEBIT CARD - A card that draws funds directly from a deposit account.
DEBT - An obligation resulting from the borrowing of money or from the purchase of goods and services. Debts of the state include bonds, accounts payable, and other liabilities. Refer to BONDS PAYABLE, ACCOUNTS PAYABLE, LIABILITIES, LONG-TERM OBLIGATIONS and GENERAL LONG-TERM OBLIGATIONS.
DEBT SERVICE FUNDS - Debt service funds are used to account for the accumulation of resources for, and the payment of, general long-term obligation principal and interest. Refer to GOVERNMENTAL FUNDS.
DEFERRED CHARGES - An asset account reflecting costs which are not chargeable to the accounting period in which paid but are recorded as assets until amortized. An example is discount on bonds issued. Deferred charges differ from prepaid expenses in that deferred charges usually extend over a long period of time （more than five years） and are not a regularly recurring cost of operation. Refer to PREPAID EXPENSES.
DEFERRED REVENUES - Deferred revenues are amounts for which asset recognition criteria have been met, but for which revenue recognition criteria for the fund type have not been met.
DEFICIT - （1） The excess of the liabilities and reserves of a fund over its assets. （2） The excess of expenditures over revenues during an accounting period or, in the case of proprietary funds, the excess of expenses over revenues during an accounting period.
DEPOSIT - Money or securities held in a bank or other financial institution. In the context of required note disclosures, deposits include cash and near cash items placed on account with a financial institution or fiscal agent. Some deposits （e.g., checking accounts） are subject to withdrawal upon demand without notice or penalty （demand deposits） and others （e.g., certificates of deposit） can only be withdrawn without penalty upon completion of a fixed period （time deposits）.
DEPRECIABLE CAPITAL ASSETS - Capital assets that are depreciated because they are exhaustible in that their useful lives diminish over time. Exceptions to this include infrastructure assets reported using the modified approach to depreciation. Refer to DEPRECIATION and MODIFIED APPROACH TO DEPRECIATION.