a) Receivables represent amounts or claims owed to the State or State agencies either directly or in a trust or agent capacity by any individual or entity. These claims are for the future receipt of cash. There are two criteria essential to the creation of an account receivable:

1. 1) The transaction must be completed to the extent that payment is the only unconsummated act (i.e., the income is earned), and
2. 2) the claim must be measurable in terms of the assignment of a monetary value established by State law and administrative regulations.