NADA VALUE - The average trade-in value shown in the current issue of the NADA Official Used Car Guide, Pacific Northwest edition, published by the National Automobile Dealers Used Car Guide Company.

NET ASSETS - The difference between assets and liabilities. Refer to FUND EQUITY.

NET BOOK VALUE - Refer to BOOK VALUE.

NET INCOME - A term used in accounting for proprietary funds to designate the excess of total revenues and operating transfers in over total expenses and operating transfers out for an accounting period.

NOMINAL INTEREST RATE - The contractual interest rate shown on the face and in the body of a bond and used to compute the amount of interest to be paid, in contrast to the effective interest rate.

NONAPPROPRIATED FUNDS - Moneys that can be expended without legislative appropriation. Only funds in accounts specifically established in state law as being exempt from appropriation fall into this category. Nonappropriated accounts can be either budgeted (and subject to OFM allotment approval) or nonbudgeted.

NONBUDGETED ACCOUNTS - Accounts that are not subject to either the appropriation or allotment process.

NONCONTINENTAL USA - As used in this manual, all areas in Alaska, Hawaii, the Commonwealth of Puerto Rico, and all areas in possession of the United States of America throughout the world.

NON-DEPRECIABLE CAPITAL ASSETS - Capital assets that are inexhaustible or where the useful life does not diminish or expire over time, such as land and land improvements. Infrastructure assets reported using the modified approach to depreciation are also not depreciated. Refer to MODIFIED APPROACH TO DEPRECIATION.

NONEXCHANGE TRANSACTIONS - A transaction in which a government either gives value (benefit) to another party without directly receiving equal value in exchange or receives value (benefit) from another party without directly giving equal value in exchange.

NONOPERATING EXPENSES - Expenses of a proprietary fund that are not directly related to the fund's principal operations.

NONOPERATING INCOME (LOSS) - In a proprietary fund, the net difference between nonoperating revenues and nonoperating expenses. Refer to NONOPERATING REVENUES and NONOPERATING EXPENSES.

NONOPERATING REVENUES - Proprietary fund revenues that are incidental to, or by-products of, the fund's principal operations.

NONRECIPROCAL INTERFUND ACTIVITY - Transactions that are nonexchange in nature. Nonreciprocal interfund activity includes interfund transfers and interfund reimbursements.

NONREVENUE - Collections of amounts that do not represent revenue, such as recoveries of current appropriation expenditures.

NON-STATE FACILITY - A facility, barrier-free or non-barrier-free, owned and/or operated by an entity other than a state agency, including private for-profit organizations, not-for-profit organizations, and other public entities such as cities, counties, and junior or special taxing districts.

NORMAL RETURN NIGHT - That night of travel on which it was anticipated prior to the trip, that the traveler would return either to the official duty station or official residence after the completion of official state business.

NOTES PAYABLE - A liability account reflecting amounts owed by the state from an unconditional written promise to pay a certain sum of money upon demand or at a fixed or determinable time.

NOTES RECEIVABLE - An asset account reflecting amounts owing to the state from an unconditional written promise to pay a certain sum of money on demand or at a fixed or determinable time.

NOTES TO THE FINANCIAL STATEMENTS - The summary of significant accounting policies and other disclosures required for a fair presentation of the financial statements of the governmental unit in conformity with generally accepted accounting principles (GAAP) which are in addition to and not included on the face of the financial statements themselves. The notes to the financial statements are an integral part of the financial statements.

Accounting Terms Glossary and Definitions
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