Running head: DEFINITION SCAVENGER HUNT

Definition Scavenger Hunt

Jess Keck
HSM/260
March 6, 2015
Mr. Green

DEFINITION SCAVENGER HUNT

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 or
debit 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 assets
Account 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 been
received.

DEFINITION SCAVENGER HUNT

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.

DEFINITION SCAVENGER HUNT

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