Definition Scavenger Hunt

Running head: DEFINITION SCAVENGER HUNT 1

DEFINITION SCAVENGER HUNT 2

Definition Scavenger Hunt

Jess Keck

HSM/260

March 6, 2015Mr. Green

Definition Scavenger Hunt

GAAP- The rules of how to set up and report financial information, including the

formulas and format.

Basic accounting formula- The difference between assets and liabilities equals the total

net assets (na=n-1).

Transaction, t-account- Any activity that causes an increase in assets, anything credit ordebit that is recorded.

General ledger- Records of all financial transactions. Debit- All entries on the left side of the t-account, increase in assets or decrease in liabilities. Credit- All entries on the right side of the t-account, increase in assetsAccount balance- The total of a t-account after all the credits and debits have been calculated.Trial Balance- A way of checking the math in an account to ensure the credits and debits are equal. Journal- A book with the transactions made that day normally in order. A good example would be a checkbook because you record all your transactions in order.

Assets- Anything that has an economic value.Liabilities- Debts of a business Net assets- The amount left over after liabilities have been deducted. For example, if you have $75.00 but owe someone $50.00 then you only have $25.00 in net assets.

Accounts receivable- Money that is owed to a company or organization that has not beenreceived.

Accounts payable- Money that the company or organization owes that has not been paid.Revenues- The increase in assets or income once expenses/liabilities have been subtracted.

InvestorGuide.(2015).Glossary.Retrieved from http://www.investorguide.com/glossary/