HSM/260 Definition Scavenger hunt
Definition Scavenger Hunt
HSM/260
1. GAAP: Generally Accepted Accounting Principles. A collection of rules and procedures and conventions that are put together and defined as accepted accounting practice. This all includes the broad guidelines and the detailed procedures. http://wordnetweb.princeton.edu/perl/webwn?s=gaap
2. Basic Accounting Formula: Assets= Liabilities + Shareholders’ Equity. Assets: tangible and intangible assets of a business (cash, accounts receivable, inventory, fixed assets). Liabilities: obligations of a business to pay its creditors like loans. Shareholders’ equity: funds that are obtained and accumulated profits from investors. http://www.accountingtools.com/basic-accounting-formula
3. Transaction, t-account: debits and credits are entries made in account ledgers to record changes in value which is caused by business transactions, all of this is done in double entry bookkeeping. http://en.wikipedia.org/wiki/T_accounts
4. General Ledger: This is the main ledger that will have all of the financial accounts of a business; contains the offsetting debits and credit accounts. http://wordnetweb.princeton.edu/perl/webwn?s=general ledger
5. Debit: An entry that is recorded of an amount that is owed or paid. www.thefreedictionary.com/debit
6. Credit: an entry that is recorded of an amount that is received. www.thefreedictionary.com/credit
7. Account Balance: The amount showed in an account after a transaction has been made. http://en.wikipedia.org/wiki/Account_balance
8. Trial Balance: A statement that has all of the debits and credits in a double-entry account book, with any disagreement indicating an error. http://www.investopedia.com/terms/t/trial_balance.asp
9. Journal: This is where you may do a double entry bookkeeping entries are recorded by debiting one or more accounts and crediting another one or more accounts with the same total amount. http://en.wikipedia.org/wiki/Journal_(accounting)
10. Assets:
HSM/260
1. GAAP: Generally Accepted Accounting Principles. A collection of rules and procedures and conventions that are put together and defined as accepted accounting practice. This all includes the broad guidelines and the detailed procedures. http://wordnetweb.princeton.edu/perl/webwn?s=gaap
2. Basic Accounting Formula: Assets= Liabilities + Shareholders’ Equity. Assets: tangible and intangible assets of a business (cash, accounts receivable, inventory, fixed assets). Liabilities: obligations of a business to pay its creditors like loans. Shareholders’ equity: funds that are obtained and accumulated profits from investors. http://www.accountingtools.com/basic-accounting-formula
3. Transaction, t-account: debits and credits are entries made in account ledgers to record changes in value which is caused by business transactions, all of this is done in double entry bookkeeping. http://en.wikipedia.org/wiki/T_accounts
4. General Ledger: This is the main ledger that will have all of the financial accounts of a business; contains the offsetting debits and credit accounts. http://wordnetweb.princeton.edu/perl/webwn?s=general ledger
5. Debit: An entry that is recorded of an amount that is owed or paid. www.thefreedictionary.com/debit
6. Credit: an entry that is recorded of an amount that is received. www.thefreedictionary.com/credit
7. Account Balance: The amount showed in an account after a transaction has been made. http://en.wikipedia.org/wiki/Account_balance
8. Trial Balance: A statement that has all of the debits and credits in a double-entry account book, with any disagreement indicating an error. http://www.investopedia.com/terms/t/trial_balance.asp
9. Journal: This is where you may do a double entry bookkeeping entries are recorded by debiting one or more accounts and crediting another one or more accounts with the same total amount. http://en.wikipedia.org/wiki/Journal_(accounting)
10. Assets: