GLOSSARY OF TERMS

35100 ACCOUNTS

 An account restricted for a particular purpose, in this instance for Trustee Account Fund transactions, and given a Special Identification (SID) in the  35100 series for the accounting system.

ACCOUNTABLE Answerable, responsible, able to render an accounting.
ACTIVITY FUND Any fund operated in any State educational, welfare, medical, or correction facility for the benefit of the employees, inmates, clients, patients, or students.
ADMINISTRATIVE HEAD One appointed to administer agency business.
ALLOTMENT Part of an appropriation which may be encumbered (obligated) or expended during a set period.
APPROPRIATION An authorization granted to incur liabilities for purposes specified.
BENEFIT Something promoting well being.  Payments made or entitlements available in accord with an agreement.
BONDED The furnishing of a surety bond to place under guarantee
BUDGET A plan of financial operation embodying an estimate of proposed expenditures for a given period and the proposed means of financing them.
BUDGETARY ACCOUNTS Those accounts which reflect budgetary operations and condition, such as estimated revenues.
CASH INVESTMENT ACCOUNT (STIF) Account for cash to be held for the production of income in the form of interest, or dividends.
CASH RECEIPTS Cash received.
CERTIFICATE OF INDEBTEDNESS A document verifying cash owed.
CLASS ACCOUNTS An account established for an individual student graduating class.
CONTROL ACCOUNT General ledgers account equal to the sum of the balances in the individual accounts in the subsidiary ledger.  The amount of the control account equals the total of the subsidiary accounts.
DEPOSITORIES Preapproved institution to make deposit for safekeeping.
DISBURSEMENT Payments by cash or check.
DOUBLE-ENTRY BOOKKEEPING Involves the maintaining of a balance between assets on the one hand, liabilities, and fund equities on the other.
EXPENDITURE An expense.
FUND ADMINISTRATOR Person in charge of the fund.
FUND BALANCE The excess of the fund's assets and estimated revenues for the period over its liabilities, reserves, and available monies for the period.
FUNDS Fiscal and accounting entities with a self-balancing set of accounts.
GOVERNING BOARD Committee of members making decisions for the good of the agency/institution.
INTERNAL CONTROLS A plan of organization under which employees' duties are so arranged and records and procedures so designed as to make it possible to exercise effective accounting control over assets, liabilities, revenues, and expenditures.
LIQUIDATE To pay off or settle a debt or claim.
MISCELLANEOUS ACCOUNT An account composed of a variety of characteristics, abilities, or appearances.
NON-INTEREST BEARING ACCOUNTS An account to hold deposits that does not earn any revenue.
OBLIGATION Amounts which a unit may be required legally to meet out of its resources.
PERSONAL SERVICE AGREEMENT A contract setting the guidelines for hiring a consultant, etc.
PETTY CASH FUND A sum of money set aside for the purpose of making change or paying small obligations for which the issuance of a formal voucher and check would be too expensive and time-consuming.
PROFFER Offer proposed.
PURCHASE ORDER A document, which authorizes the delivery of, specified merchandise or the rendering of certain services and the making of an obligation for them.
REIMBURSEMENT Cash received as a repayment.
RESTRICTED ACCOUNT To account for assets, the use of which is limited by the requirements of donors or grantors.
REVENUE Additions to cash or other current assets which neither increase any liability or reserve nor represent the recovery of an expenditure.
SECURITIES Bonds, notes, mortgages, or other forms of negotiable or nonnegotiable instruments.
STIF State Treasurer's Short Term Investment Fund.
SUBSIDIARY ACCOUNT A collection of accounts that are alike in nature (e.g., accounts receivable, accounts payable) that have been segregated into a separate ledger for ease of accounting. The total of the subsidiary ledger equals the amount of the control account.
TRIAL BALANCE A list of the balances of the accounts in a ledger kept by double entry, with the debit and credit balances shown in separate columns.
TRUST FUND A fund consisting of resources received and held by the unit as trustee, to be expended or invested in accordance with the conditions of trust or revenue which was derived as a donation, gift, or bequest made to the students, inmates, or patients of any state agency or institution, etc.
UNCLAIMED-ARTICLES/FUNDS Assets abandoned and the owner does not claim them.

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