Hsm/260 Definition Scavenger Hunt

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 | *
All definitions were found at: