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Apportionment is the process by which seats in a legislative body are distributed among administrative divisions, such as states or parties, entitled to representation. This page presents the general principles and issues related to apportionment.
In accounting, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. The revenue recognition principle is the basis of making adjusting entries that pertain to unearned and accrued revenues under accrual-basis accounting .
The Reapportionment Act of 1929 (ch. 28, 46 Stat. 21, 2 U.S.C. § 2a), also known as the Permanent Apportionment Act of 1929, is a combined census and apportionment bill enacted on June 18, 1929, that establishes a permanent method for apportioning a constant 435 seats in the U.S. House of Representatives according to each census.
The Apportionment Act 1870 (33 & 34 Vict. c. 35) extends to payments not made under any instrument in writing (section 2), but not to annual sums made payable in policies of insurance (section 6). Apportionment under the act can be excluded by express stipulation. [2] The apportionment created by this statute is "apportionment in respect of time."
The fiscal year is the accounting period of the federal government, which runs from October 1 to September 30 of the following year. [3] Appropriations bills are under the jurisdiction of the United States House Committee on Appropriations and the United States Senate Committee on Appropriations. [2]
In accounting, reconciliation is the process of ensuring that two sets of records (usually the balances of two accounts) are in agreement.It is a general practice for businesses to create their balance sheet at the end of the financial year as it denotes the state of finances for that period.
A revolving fund is a fund or account that remains available to finance an organization's continuing operations without any fiscal year limitation, because the organization replenishes the fund by repaying money used from the account.
Prior to 1929 no group – public or private – was issuing or responsible for any accounting [4] standards. After the 1929 stock market crash, a call to regain the public's confidence and investor's trust was demanded and the Securities and Exchange Act of 1934 was passed resulting in public companies being supervised by the U.S. Securities and Exchange Commission.