Accounting Terminology


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Accounting Period
The period within a fiscal year during which transactions can be recorded. For Duke, the accounting period is the fiscal month, as defined in the Fiscal Calendar published by the Financial Services division.
Accrual and Deferral
Accrual and deferral provides a temporary allocation of revenues and expenses to determine the profit for the period. A distinction is made between accrued income and deferred income; accrued income includes expenses before the closing key date, insofar as they represent expenses for a particular time after that date.
Adjusted Cost Basis
In reference to Fixed Income Securities: The first cost of the securities adjusted for amortization of any premium or discount as of a given date.
Alien, Non-resident
If a person does not meet either the Green Card or Substantial Presence Test, then that person is classified as a non-resident alien.

A new arrival on a J-1 or F-1 visa is generally a non-resident alien.

Non-resident aliens are taxed only on their income from sources within the U.S. and on certain income connected with the conduct of a trade or business in the U.S.
Alien, Resident
To be classified as a resident alien, the individual must meet one of two tests:

1. Green Card Test


A non-resident alien is a lawful permanent resident of the U.S. at any time if they have been given the privilege, according to the immigration laws, of residing permanently as an immigrant. This status usually exists if the Bureau of Citizenship and Immigration Services has issued a green card.



2. Substantial Presence Test


A non-resident alien is classified as a resident alien for tax purposes if they were physically present in the U.S. for 31 days during the current year and 183 days during a three-year period that includes the current year and the two years immediately before that.

Amortization
In reference to Fixed Income Securities: The gradual, systematic extinguishment of an amount of money over a period of time
Apportion
To assign an appropriate share of incurred cost to benefiting departments.
Appropriation and Transfers
Represents 1) an assignment by the Board of Trustees of a portion of the unrestricted revenue of the Current Unrestricted Fund or 2) the reallocation/reclassification of revenue or accumulated surplus from one fund to another.
Assigned JV Number
An Assigned JV number by design belongs to a department, not the contact person. This ensures the historical ability to identify the department responsible for any particular Journal Voucher.
Availability of Funds
When or if sponsor funds are available, appropriate direct cost items should be charged to sponsor funds. If sponsor funds are not available and it is determined that the scope of work of the project cannot be modified to eliminate the need for the item, then the direct cost item should be charged to an appropriate cost sharing account.