Definition Scavenger Hunt Hsm 260

1. GAAP (Generally Accepted Accounting Principles) – the way a person log and reports information related to accounting. (http://www.investopedia.com/terms/g/gaap.asp)
  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. (http://www.businessdictionary.com/definition/basic-accounting-equation.html).
  3. Transaction, t-account – a two row form that duplicates capital “T” used to depict double entry accounting techniques. (http://www.businessdictionary.com/definition/T-account.html)
  4. General ledger – a book with the financial data of an organization. (http://www.businessdictionary.com/definition/general-ledger.html)
  5. Debit – To decrease an amount of money in an account to pay for goods or services. (http://www.businessdictionary.com/definition/debit.html)
  6. Credit – To add money to an account or the act of paying for goods and services at a later date. (http://www.businessdictionary.com/definition/credit.html)
  7. Account balance – the total money available after payments received or outgoing during an certain period.( http://www.businessdictionary.com/definition/account-balance.html)
  8. Trial balance – a statement providing all money in accounting showing any credits or debits. (http://www.businessdictionary.com/definition/trial-balance.html)
  9. Journal – a diary for businesses that shows activities each day. (http://www.businessdictionary.com/definition/journal.html)
  10. Assets – An item that was purchased or inherited and has monetary value (http://www.businessdictionary.com/definition/asset.html)
  11. Liabilities – an interest against a person belonging from past or current financial obligations. (http://www.businessdictionary.com/definition/liability.html)
  12. Net Assets – the company’s capital minus debt....