Hsm/260 Definition Scavenger Hunt

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1. GAAP| The rules of how to set up and report financial information, including the formulas and format| 2. Basic accounting formula| * The difference between assets and liabilities equals the total net assets. (na=a-l)| 3. Transaction, * t-account * | Any activity that causes an increase in assets, anything credit or debit that is recorded| 4. General ledger * | * Record of all financial transactions | 5. Debit| * All entries on left side of a t account; increase in assets or decrease in liabilities| 6. Credit| * All entries on right side of a t account; increase in assets| 7. Account balance| * The total of a t account once all the credits and debits have been calculated| 8. Trial balance| * A way of checking the math in an account to ensure the credits and debits are equal| 9. Journal| * Transactions listed in the order which they occurred. For instance, a check book record could be considered a type of journal since all the listings are made in order of the date on which they took place.| 10. Assets| * Anything that has economic value|

11. Liabilities| * Debts|
12. Net assets| * The amount left over after liabilities have been deducted. For instance, if you get paid $100, but you owe someone $50, then you really only have $50 in net assets.| 13. Accounts receivable| * Money that is owed to the company or agency that has not yet been recieved| 14. Accounts payable| * Money that is owed by the company or agency that has not yet been paid| 15. Revenues| * The increase in assets or income once expenses/liabilities have been subtracted| *

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