Scavenger Hunt
September 28, 2014
HSM/260
Kevin Bottomley
Scavenger Hunt
GAAP- Stands for Generally acepted accounting principles. GAAP is a collection of followed accounting rules and stabndards for finalcial reporting. http://whatis.techtarget.com/definition/GAAP-generally-accepted-accounting-standardsBasic accounting formula- made up of three components including assests, liabilities, and shareholders. A formula that must balance out assests are things like cash, liabilities are things like wages, and sharholders are funds obtained from investors. http://www.accountingtools.com/basic-accounting-formulaTransaction Taccount-set of financial records, t account is a term to dexribe the apperance of bookkeeping entrys. With an account title on top of the t on the left side would be listed debts and credits on the right side of the T with the middle line seperating debts from credits. http://www.investopedia.com/terms/t/t-account.aspGeneral ledger- is a companys main accounting records. This is a complte record of financial transactions a company makes. Includes liabilities, owners equity, revenues, expenses and accounts for assests. http://www.investopedia.com/terms/g/generalledger.aspDebit-an entry recording of an amount owed, or a payment made or owed https://www.google.com/search?sourceid=navclient&aq=&oq=whats+debit&ie=UTF-8&rlz=1T4AVNB_enUS582US594&q=whats+debit&gs_l=hp...0i10l5.0.0.3.280036...........0.iNI5qbdxDxICredit- abitlity to buy something before payment based on the trust that a payment will be made in the future https://www.google.com/search?sourceid=navclient&aq=&oq=credit+de&ie=UTF-8&rlz=1T4AVNB_enUS582US594&q=credit+definition&gs_l=hp..2.0l5.0.0.4.89117...........0.2ooXu5Iv-o8#q=credit+definitionAccount balance- an amount somwthing or someone has such as the amoutn in your checking account http://www.investopedia.com/terms/a/accountbalance.aspTrial balance- list of all the general ledger accunts contained in the ledger of a business http://en.wikipedia.org/wiki/Trial_balanceJournal-Diary, daily record of events or business, newspaper