Cryptic crossword clue
Witticism inscribed on university’s old recording equipment

The most common and most likely answer to this crossword clue is the 5 letter word QUIPU

I've seen this crossword clue in Independent
Q
U
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U

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The straight part
We know that "old recording equipment" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case old recording equipment = quipu.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does QUIPU mean?

QUIPU noun
  1. A recording device, used by the Incas, consisting of intricate knotted cords.

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