Scavenger Hunt
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Scavenger Hunt
Candace Fralix
January 17, 2011
HSM/260
* GAAP-Rules that all accountants use when preparing financial statements. They use this so that all accountants are using the same standards. http://financial-dictionary.thefreedictionary.com/GAAP
* Basic accounting formula- Assets= Liabilities=+ Owners Equity. For a non-profit organization the formula would be Assets= Liabilities+ Net assets. This is expressed on the balance sheet. http://www.accountingcoach.com/terms/A/accounting-equation.html
* Transaction, t-account- A visual aid that is used by accountants to show what affect a journal entry has on a ledger account. The debit amounts are on the left side of the âTâ, and the credit amounts are on the right side. http://www.accountingcoach.com/terms/T/t-account.html
* General ledger- This is the part that holds the balance sheet and income statement accounts for documentation of the transactions. http://www.accountingcoach.com/terms/G/general-ledger.html
* Debit- this is on the left side of the account. Also known as an increase in assets or a decrease in liabilities. Reduce the amount in an account. http://www.accountingcoach.com/online-accounting-course/07Xpg01.html
* Credit- this is on the right side of the account. Could be a loan and usually ends in a debt. http://www.investordictionary.com/definition/credit-finance
* Account balance-This is the total amount that is in an account at the end of a period. http://www.investordictionary.com/definition/account-balance
* Trial balance- A worksheet that where all the balances of a ledger are put into two columns, and named a debit and credit. A trial balance is prepared for each financial period. The debit and credit should always match. http://www.investordictionary.com/definition/trial-balance
* Journal- A record of entries that are in order by date. This is the book of original entry since this is where things are recorded...
Candace Fralix
January 17, 2011
HSM/260
* GAAP-Rules that all accountants use when preparing financial statements. They use this so that all accountants are using the same standards. http://financial-dictionary.thefreedictionary.com/GAAP
* Basic accounting formula- Assets= Liabilities=+ Owners Equity. For a non-profit organization the formula would be Assets= Liabilities+ Net assets. This is expressed on the balance sheet. http://www.accountingcoach.com/terms/A/accounting-equation.html
* Transaction, t-account- A visual aid that is used by accountants to show what affect a journal entry has on a ledger account. The debit amounts are on the left side of the âTâ, and the credit amounts are on the right side. http://www.accountingcoach.com/terms/T/t-account.html
* General ledger- This is the part that holds the balance sheet and income statement accounts for documentation of the transactions. http://www.accountingcoach.com/terms/G/general-ledger.html
* Debit- this is on the left side of the account. Also known as an increase in assets or a decrease in liabilities. Reduce the amount in an account. http://www.accountingcoach.com/online-accounting-course/07Xpg01.html
* Credit- this is on the right side of the account. Could be a loan and usually ends in a debt. http://www.investordictionary.com/definition/credit-finance
* Account balance-This is the total amount that is in an account at the end of a period. http://www.investordictionary.com/definition/account-balance
* Trial balance- A worksheet that where all the balances of a ledger are put into two columns, and named a debit and credit. A trial balance is prepared for each financial period. The debit and credit should always match. http://www.investordictionary.com/definition/trial-balance
* Journal- A record of entries that are in order by date. This is the book of original entry since this is where things are recorded...