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Hsm/260

 Hsm260 Essay
  • 260
  • 03.09.2019

hsm/260

Week one gate: scavenger search

GAAP- (Generally Recognized Accounting Principles) Is rules that govern the way that accountants the actual financial reviews. http://www.investorwords.com/2141/GAAP.html Simple accounting formula- Is the formulation that is used in accounting that reveals the overall assets, liabilities, and the shareholders equity. Assets= Liabilities + shareholder Collateral. http://www.investopedia.com/terms/a/accounting-equation.asp Purchase, t-account- It is an analysis of a transaction staying processed within an account, a double checking out system. It is going to show a T form, which gives that the term T-account. http://www.investopedia.com/terms/t/t-account.asp#axzz2F5z2nkS4 General ledger- A book of final entry outlining all of a company's economic transactions, through offsetting charge and credit accounts. http://www.investorwords.com/2161/general_ledger.html Debit- An accounting entry which results in possibly an increase in property or a reduction in liabilities or perhaps net worth, reverse of credit rating http://www.investorwords com/1308/debit. html Credit- Used in a double-entry accounting system, crafted on the right-side of the journal. The increase in assets or perhaps liability http://www.accountingcoach.com/terms/C/ Account balance- The amount left over after everything is completed http://www.investopedia.com/terms/a/accountbalance.asp Trial balance- A statement of most open debit and credit rating items within a double-entry journal, made to test their equality http://www.answers.com/topic/trial-balance Journal- Are records of all the business financial records http://www.investorwords. com/2674/journal. html Assets- A business or organizations which have any benefit to them http://www.businessdictionary.com/definition/asset.html Liabilities- Obligations of your company or an organization. Amounts owed to lenders and suppliers. Financial obligations often have the term. http://www.accountingcoach.com/terms/L/liabilities.html Net assets- A result of subtracting total...

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