Definition Scavenger Hunt Hsm 260

1. GAAP (Generally Accepted Accounting Principles) – the way a person log and reports information related to accounting. (
  2. Basic accounting formula – the connection between money and the control of the company.   The money should be same as the expenses and what the owner puts in the company. (
  3. Transaction, t-account – a two row form that duplicates capital “T” used to depict double entry accounting techniques. (
  4. General ledger – a book with the financial data of an organization. (
  5. Debit – To decrease an amount of money in an account to pay for goods or services. (
  6. Credit – To add money to an account or the act of paying for goods and services at a later date. (
  7. Account balance – the total money available after payments received or outgoing during an certain period.(
  8. Trial balance – a statement providing all money in accounting showing any credits or debits. (
  9. Journal – a diary for businesses that shows activities each day. (
  10. Assets – An item that was purchased or inherited and has monetary value (
  11. Liabilities – an interest against a person belonging from past or current financial obligations. (
  12. Net Assets – the company’s capital minus debt....