marks of a voucher and a check; it shows the propriety of a pay-
 ment and is an order to pay. It is cancelled when it has been paid
 by the bank and thus "cleared" and returned to the writer.
Classification-The grouping of transactions, entries, or accounts under
 a common head or heads; a list of such groupings; i.e., athletics,
 music; classes, clubs; or departments; etc.
Clearing Accounts-Accounts used to accumulate total receipts or ex-
 penditures either for later distribution among the accounts to which
 such receipts or expenditures are properly allocable, or for record-
 ing the net differences under the proper account. Clearing accounts,
 as such, are not used in student activity fund accounting.
Closed-The status of the books after closing has been completed; the
 termination of entries in the ledger for any month or fiscal period.
Closing the Books-The process of putting the account books in order
 at the close of a month, or a fiscal period, so that a trial balance
 and financial reports may be prepared.
Commission-A share of sales or a donation from any company or in-
 dividual given the school or school personnel in return for the sale,
 rental, or promotion of any items within the school.
Concession-The act of granting to an individual or group the right to
 use portions of the school premises for some specific purpose. Us-
 ually, it is for the sale of confections, such as dairy products, sand-
 wiches, peanuts, popcorn, and soft drinks sold at athletic games,
 plays, concerts, and similar events.
Controlling Account-An account usually kept in the general ledger
 in which the postings to a number of identical, similar, or related
 accounts are summarized so that the balance in the controlling ac-
 count serves as a check on the accuracy of the detailed account
 postings and summarizes the expenditures and receipts for the
 purpose of comparison.
Cost-The amount of money or money's worth given for property or
 services.
Current-As used in this guide, the term has reference to the fiscal year
 in progress.
Deficit-The excess of the obligations of a fund over the fund's re-
 sources.
Deposit, Returnable-Money collected from students and held in a school
 fund for future return at a designated period for the purpose of
 covering losses or damages to school-owned supply and equipment
 items while being used by the students.
Disbursements-Payments by cash. See CASH.
Double Entry-A system of bookkeeping which requires for every entry
 made to the debit side of an account or accounts an entry for the
 corresponding amount or amounts to the credit side of another ac-
 count or accounts.
Dues-A regular fee or charge made to students for the privilege of
 being a member of a particular club or student-body organization.
 Equipment-A material item of a non-expendable nature, such as a
 built-in facility, a movable or fixed unit of furniture or furnishings,
 an instrument or apparatus, a machine (including attachments),
 instructional skill-training device, or a set of small articles whose
 parts are replaceable or repairable, the whole retaining its identity
 and utility over a period of time which is characteristic of, and
 definable for, items of its class.