Category: Finance

ACCRUAL BASIS

A Method of accounting that recognizes increases and decreases in economic resources as soon as the underlying event or transaction occurs. Under accrual accounting, revenues are recognized as soon as they are earned and expenses are recognized as soon as…

ACTIVITY BASED COST

Methodology that measures the cost and performance of activities, resources and cost objects. Resources are assigned to activities, then activities are assigned to cost objectives based on their use. ABC recognizes the casual relationships of cost drivers to activities._x000D_

ACTUAL COSTS

Amounts determined on the basis of costs incurred, as distinguished from forecasted costs.

ACTUARIAL ANALYSIS

Analysis completed and submitted by an individual versed in the collection and interpretation of numerical data (especially someone who uses statistics to calculate insurance premiums)

ADDENDUM/ADDENDA

Written interpretation(s) or revision(s) to Invitation for Bids or Requests for Proposals issued by the MTA before the bid opening or proposal receipt, which are incorporated into the Contract Documents.

ADDITIONAL WORK ORDER

Also known as Change Order. Order to add or delete work in contract law where the MTA has the unilateral right to direct the contractor to do so in accordance with a Change Order clause of the basic contract. AWOs…

ADVANCE COST AGREEMENT

An agreement between the MTA and a contractor concerning the treatment of special or unusual costs which are expected to be incurred.