§ 33.01  DEFINITIONS.
   As used in this subchapter, unless the context otherwise requires, the following definitions shall apply:
   BUDGET.   A proposed plan for raising and spending money for specified programs, functions, activities, or objectives during a fiscal year.
   DEBT SERVICE .  The sum of money required to pay installments of principal and interest on bonds, notes, and other evidences of debt accruing within a fiscal year and to maintain sinking funds.
   ENCUMBRANCES .  Obligations in the form of purchase orders or contracts that are chargeable to an appropriation.  An obligation ceases to be an encumbrance when paid or when the actual liability is recorded.
   FISCAL YEAR .  The accounting period for the administration of fiscal operations.
   GENERALLY ACCEPTED GOVERNMENTAL AUDITING STANDARDS.   Those standards for audit of governmental organizations, programs, activities, and functions issued by the Comptroller General of the United States. 
(KRS 91A.070(6))
   GENERALLY ACCEPTED PRINCIPLES OF GOVERNMENTAL ACCOUNTING.   Those standards and procedures promulgated and recognized by the Governmental Accounting Standards Board. 
(KRS 91A.010(7))