CHAPTER 5





Glossary of Terms


THIS CHAPTER contains definitions of terms used in this
 guide and such additional terms as seem necessary to
achieve common understandings concerning financial accounting
procedures for School Activity Funds. The glossary is arranged
alphabetically with appropriate cross-referencing where nec-
essary.

 Some of the definitions shown are taken or adapted from the
recommendations of the National Committee on Governmental
Accounting.' Others have been taken or adapted from Hand-
book 12 and Handbook II3 in the State Educational Records and
Reports Series.

Abatement-A reduction of a previously recorded expenditure or re-
 ceipt item by such things as refunds, rebates, and collections for
 loss or damage to school property. See REFUND.
Account-A descriptive heading under which are recorded financial
 transactions that are similar in terms of a given frame of refer-
 ence, such as purpose, object, or source.
Account, Regular Expenditure-In this guide, regular expenditure ac-
 counts are used to record total expenditures for current expense
 and capital outlay by student activities and organizations.
Account, Regular Receipt-In this guide, regular receipt accounts are
 used to record income received for the operation of student activi-
 ties and organizations.

 iNational Committee on Governmental Accounting. Municipal Accounting and Audit-
ing. Bulletin No. 14, Municipal Finance Officers Association of the United States and
Canada, Chicago, September 1951.
 2Paul L. Reason, Emery M. Foster, and Robert F. Will. The Common Core of State
Educational Information. Washington D.C., U.S. Government Printing Office, 1953. (U.S.
Department of Health, Education, and Welfare, Office of Education, State Educational
Records and Reports Series: Handbook I, Bulletin 1953, No. 8.)
 'Paul L. Reason and Alpheus L. White. Financial Accounting for Local and State
School Systems, Standard Receipt and Expenditure Accounts. Washington D.C., U.S.
Government Printing Office, 1957. (U.S. Department of Health, Education, and Welfare,
Office of Education, State Educational Records and Reports Series: Handbook II, Bulle-
tin 1957, No. 4.)