Accounting Period-A period of time for which financial statements are
 prepared; for example, July 1 to June 30.
Accounts Payable-Unpaid balances or invoices against a School Activity
 Fund which are owing to private persons, firms, governmental units,
 or others.
Accounts Receivable-Amounts owed to the School Activity Fund by
 private persons, firms, governmental units, or others.
Adjusted Bank Balance-See RECONCILIATION OF BANK STATE-
 MENT.
Assessment (Student Activity Fund)-A compulsory levy made by a
 student body organization against its members to defray all or part
 of a specific obligation.
Assets-The entire property owned by a school activity organization.
Athletic Fund-See FUND, ATHLETIC.
Audit-Pre-Audit-The examination of contracts, orders, and other or-
 iginal documents for the purpose of substantiating individual trans-
 actions before settlement.
 Post-Audit-An examination of records and documents by an au-
 ditor after the close of a fiscal period. The process of securing
 evidence for one or more of the following purposes: (a) deter-
 mining the propriety of completed transactions; (b) ascertaining
 whether all transactions have been recorded; (c) determining
 whether transactions are accurately recorded in the accounts and
 in the statements drawn from the accounts.
Balance-The difference between the total debits and the total credits
 of an account; the total of an account containing only debits or
 only credits.
Board of Instruction, Public-The elected body which has been created
 according to State law and vested with responsibilities for educa-
 tional activities in a county.
Capital Outlay-An expenditure which results in the acquisition of
 fixed assets or additions to fixed assets. It is an expenditure for
 land or existing buildings, improvement of grounds, construction
 of buildings, additions to buildings, remodeling of buildings, or in-
 itial or additional equipment. In this guide, capital outlay usually
 includes expenditures from an activity fund which result in the
 acquisition of initial or additional equipment.
Cash-Currency, checks, postal and express money orders, and bank-
 ers' drafts on hand or on deposit with an official or agent designated
 as custodian of cash; and bank deposits. Any restriction or limita-
 tions as to its availability should be indicated.
Cash Basis-The basis of accounting under which revenues are recorded
 only when actually received; only cash disbursements are recorded
 as expenditures.
Cash Discount-An allowance received or given if payment is completed
 within a stated period. The term is not to be confused with "trade
 discount."
Check-A bill of exchange drawn on a bank payable on demand; a
 written order on a bank to pay on demand a specified sum of money
 to a named person, to his order, or to bearer out of money on de-
 posit to the credit of the maker. A check differs from a warrant in
 that the latter is not necessarily payable on demand and may not
 be negotiable; and it differs from a voucher in that the latter is
 not an order to pay. A voucher-check combines the distinguishing