LINE ITEM BUDGET Definition

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LINE ITEM BUDGET is a budget initiated by government entities in which budgeted financial statement elements are grouped by administrative entities and object. These budget item groups are usually presented in an incremental fashion that is in comparison to previous time periods. Line item budgets are also used in private industry for comparison and budgeting of selected object groups and their previous and future expenditure levels within an organization.

Learn new Accounting Terms

FACTOR is the proportion of the outstanding principal balance of a mortgage or asset-backed security to its original principal balance expressed as a decimal.

FULLY DEPRECIATED is when an asset has already been charged with the maximum amount of depreciation allowed by the taxing authority for accounting purposes.

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