GLOSSARY OF TERMS |
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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. |
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ACCOUNTABLE |
Answerable, responsible, able to render an accounting. |
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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. |
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ADMINISTRATIVE HEAD |
One appointed to administer agency business. |
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ALLOTMENT |
Part of an appropriation which may be encumbered (obligated) or expended
during a set period. |
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APPROPRIATION |
An authorization granted to incur liabilities for purposes specified. |
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BENEFIT |
Something promoting well being. Payments made or entitlements available in
accord with an agreement. |
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BONDED |
The furnishing of a surety bond to place under guarantee |
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BUDGET |
A plan of financial operation embodying an estimate of proposed expenditures
for a given period and the proposed means of financing them. |
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BUDGETARY ACCOUNTS |
Those accounts which reflect budgetary operations and condition, such as
estimated revenues. |
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CASH INVESTMENT ACCOUNT (STIF) |
Account for cash to be held for the production of income in the form of
interest, or dividends. |
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CASH RECEIPTS |
Cash received. |
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CERTIFICATE OF INDEBTEDNESS |
A document verifying cash owed. |
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CLASS ACCOUNTS |
An account established for an individual student graduating class. |
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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. |
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DEPOSITORIES |
Preapproved institution to make deposit for safekeeping. |
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DISBURSEMENT |
Payments by cash or check. |
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DOUBLE-ENTRY BOOKKEEPING |
Involves the maintaining of a balance between assets on the one hand,
liabilities, and fund equities on the other. |
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EXPENDITURE |
An expense. |
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FUND ADMINISTRATOR |
Person in charge of the fund. |
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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. |
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FUNDS |
Fiscal and accounting entities with a self-balancing set of accounts. |
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GOVERNING BOARD |
Committee of members making decisions for the good of the
agency/institution. |
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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. |
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LIQUIDATE |
To pay off or settle a debt or claim. |
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MISCELLANEOUS ACCOUNT |
An account composed of a variety of characteristics, abilities, or
appearances. |
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NON-INTEREST BEARING ACCOUNTS |
An account to hold deposits that does not earn any revenue. |
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OBLIGATION |
Amounts which a unit may be required legally to meet out of its resources. |
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PERSONAL SERVICE AGREEMENT |
A contract setting the guidelines for hiring a consultant, etc. |
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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. |