Hsm 260 Week 1

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HSM 260
Checkpoint Scavenger Hunt
Week 1
July 29, 2011

GAAP- (Generally Accepted Accounting Principles) - The rules that govern the way accountants generate financial reports. http://www.investopedia.com/terms/g/gaap.asp

Basic accounting formula- The formula used in accounting that shows the total assets, liabilities, and the shareholders equity. Assets = Liabilities + Shareholder Equity. http://www.investopedia.com/terms/a/accounting-equation.asp

Transaction, t-account- An analysis of the transactions done in an account, basically a double checking system. The display of this is in a t shape, giving it the name T-account. http://www.principlesofaccounting.com/chapter%202.htm#T-ACCOUNTS

General Ledger- A book that contains all the finances of a business or organization. http://www.investopedia.com/terms/g/generalledger.asp

Debit- Used in a double-entry bookkeeping system, notated on the left hand side of the ledger. Debit is the asset or reduction of an item or liability. http://www.accountingtools.com/debit-definition

Credit- Used in a double-entry bookkeeping system, notated on the right hand side of the ledger. The increase in assets or liability. http://www.accountingcoach.com/terms/C/

Account Balance- The balance left after the ledger is completed. http://www.investopedia.com/terms/a/accountbalance.asp

Trial Balance- All opens debits and credits in the double-bookkeeping system. http://www.businessdictionary.com/definition/trial-balance.html

Journal- Documents all the organization or business financial records. http://www.investorwords.com/2674/journal.html

Assets- Business or organizations items that have value to them. http://www.businessdictionary.com/definition/asset.html

Liabilities- A financial obligation from transactions that the business must satisfy. http://www.investorwords.com/2792/liability.html

Net assets- The total assets of a business or organization....
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