Glossary

This glossary is a collection of terms (and their meanings) heard frequently in the daily life of the Controller's Office. Some are specialized, others are more commonplace - and our intent in compiling them is to help MIT staff, faculty, and students conduct their Controller's Office business more effectively.

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Backup

Supporting documentation, for example, what is attached to a Request for Payment or invoice for Accounts Payable’s approval.

Balance Sheet

Is an itemized statement that lists the total assets and the total liabilities of a business to portray its net worth at a given moment in time. Invested assets are reported at market value while other assets are valued at amortized cost. (see also Statement of Financial Position).

Bank and Trade Reference

Authorized credit history disclosure allowing credit evaluation.

Bodily Injury Liability

Liability for injury to the body of a person, including sickness, disease, or death.

Book Value

The initial cost of investment or other asset as recorded. Bonds purchased at other than maturity value have a book value of amortized cost. The cost of real estate investments includes both the original cost and the capitalized cost of any improvements. The book value of gifts and other receipts is the cash or fair market value at the time of receipt.

BrioQuery

Is the database search tool that MIT implemented to enable user to create customized reports, integrating a wide variety of data fields that are stored in the Data Warehouse. BrioQuery is available only to members of the MIT community; it can be used on Macintoshes and DOS/Windows computers. For more information on BrioQuery, see http://web.mit.edu/is/help/brio/. Click here for some BrioQuery templates useful for financial review and control.

Business

A contractor, subcontractor, supplier, consultant, or provider of technical, administrative, or physical services organized as a sole proprietorship, partnership, association, corporation, or other entity formed for the purpose of doing business for profit.

Buyer Beware

This is the literal translation of “caveat emptor” meaning that the buyer takes responsibility for understanding the condition of items purchased as well as the terms of exchange.