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Week one checkpoint: scavenger hunt

GAAP- (Generally Accepted Accounting Principles) Is rules that govern the way that accountants do the financial reports. http://www.investorwords.com/2141/GAAP.html Basic accounting formula- Is the formula that is used in accounting that reveals the total assets, liabilities, and the shareholders equity. Assets= Liabilities + shareholder Equity. http://www.investopedia.com/terms/a/accounting-equation.asp Transaction, t-account- It is an analysis of a transaction being processed in an account, a double checking system. It will show a T shape, which gives it the name T-account. http://www.investopedia.com/terms/t/t-account.asp#axzz2F5z2nkS4 General ledger- A book of final entry summarizing all of a company’s financial transactions, through offsetting debit and credit accounts. http://www.investorwords.com/2161/general_ledger.html Debit- An accounting entry which results in either an increase in assets or a decrease in liabilities or net worth, opposite of credit http://www.investorwords com/1308/debit.html Credit- Used in a double-entry bookkeeping system, written on the right-side of the ledger. The increase in assets or liability http://www.accountingcoach.com/terms/C/ Account balance- The amount left over after everything is completed http://www.investopedia.com/terms/a/accountbalance.asp Trial balance- A statement of all open debit and credit items in a double-entry ledger, made to test their equality http://www.answers.com/topic/trial-balance Journal- Are documentation of all the business financial records http://www.investorwords.com/2674/journal.html Assets- A business or organizations that have any value to them http://www.businessdictionary.com/definition/asset.html Liabilities- Obligations of a company or an organization. Amounts owed to lenders and suppliers. Liabilities often have the word. http://www.accountingcoach.com/terms/L/liabilities.html Net assets- The result of subtracting total...
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