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Account
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A five digit suffix used with the department number to designate the classification as an asset (1XXXX), liability (2XXXX), fund balance (3XXXX), revenue (4XXXX), or expense (5XXXX-9XXXX).
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Asset
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The resources of an entity; the probable future economic benefits obtained by an entity as a result of past transactions or events.
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Chart of Accounts
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A listing of all departments and accounts in the general ledger system.
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Department
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A six digit code that identifies a collection of accounts for a specific identity.
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Endowment Fund
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Fund where a donor or other outside agency has stipulated, as a condition of the gift instrument, that the principal is to remain intact in perpetuity and invested for the purpose of producing present and future income which may be expended or added to principal.
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Expense
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A decrease in net assets caused by the revenue-producing activities during a specific period.
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FAS
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Financial & Accounting Services
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Fund
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An accounting entity with a self-balancing set of account controls for recording assets, liabilities, a fund balance, and changes in the fund balance.
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Fund Accounting
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The procedure by which resources for various purposes are classified for accounting and reporting purposes in accordance with regulations, restrictions, or limitations imposed by sources outside the institution, or in accordance with directions issued by the Board of Trustees.
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Fund Balance
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The residual interest in the assets of an entity that remains after deducting its liabilities; sometimes referred to as net assets.
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General Ledger
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The system in which the balance sheet accounts (assets, liabilities, and fund balances) along with summaries of revenues and expenses for the entire University are maintained. Assets = Liabilities + Fund Balances.
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Journal Entry
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An accounting transaction that records activity. Examples include: telephone charges, copy charges, maintenance, and reclassification entries.
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Liability
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The claims of creditors against an entity's resources; probably future sacrifices of economic benefits arising from present obligations.
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Operational Current Fund
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Those economic resources of the University which are expendable for the purpose of performing the primary missions of the institution and are not restricted by external sources or designated by the Board of Trustees for other than operational purposes.
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Restricted Fund
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A fund which has been designated for a specific purpose, by the donor of the fund (a body outside the Univeristy).
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Revenue
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An increase in net assets (i.e. difference of revenue - expenses) that results directly from providing products or services to customers during a specific period.
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