head: Running DEFINITION SCAVENGER HUNT
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Definition Scavenger Hunt
Anna Borsick
HSM/260
November 11, 2011
Marilyn Gardner
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Definition Scavenger Hunt
(Definitions and URLs that support the definitions of 15 basic accounting terms)
GAAP~ This acronym represents conventions, rules, and procedures that define the
necessary accounting principles set by the Financial Accounting Standards Board (FASB).
Reference
NYSSCPA.Org (2011). Retrieved from
(http://www.nysscpa.org/glossary/term/330).
Basic accounting formula~ The formulas for basic accounting effected by assets,
liabilities, and owners/stakeholders equity and account for financial position of company. The
accounting equations used offer simple ways to understand how all three work together.
Reference
Accounting Coach (2004-2011). Accounting Equation: Introduction to the accounting
equation. Retrieved from
(http://www.accountingcoach.com/online-accounting-course/14Xpg01.html#basic
-accounting-equation).
Transaction/T-account~ Financial eventsthateffectthechangeinasset,liability,ornet
worthinholdersaccount.Thesetransactionsarerecordedfirstinthedaytodayfinancialbusiness
andthenpostedtoaledger,knownasdoublebooking.Taccountsareatitlethatdescribesa
particularaccountorfinancialstatementitem(suchascashbalance,inputcosts,salesrevenue).In
thelefthandcolumnisthedebitside,andtherighthandsidecolumnisthecreditside.
Reference
BusinessDictionary.com(2011).Retrievedfrom
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(http://www.businessdictionary.com/definition/transaction.html)
General ledger~ These documents contain all the financial happenings of a company,
both the credits and debits.
Reference
Audio English.net (2011, November 11). Retrieved from
(http://www.audioenglish.net/dictionary/general_ledger.htm)
Debit~ Debit refers to a transaction happening on the left side of a T-account. This debit
does not mean its negative, it constitutes an increase in assets.
Reference
Elmaheh, S., Michael (2007). Understanding Accounting; Book keeping 101: debits and
credits. Retrieved from
(http://www.understand-accounting.net/debitsandcredits.html).
Credit~ Credit is the transaction that takes place on the right side of a T-account. When
a T-account is fluctuated on the right side, the credit side, this represents an increase in dept.
Reference
Elmaheh, S., Michael (2007). Understanding Accounting; Book keeping 101: debits and
credits. Retrieved from
(http://www.understand-accounting.net/debitsandcredits.html).
Account balance~ Applies to any financial banking account; this account balance
reflects what the bank owes to you.
Reference
Answer.com (2011). Reference answers. Retrieved from
(http://www.answers.com/topic/account-balance).
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SCAVENGER Trial balance~ This is not a financial balance of any kind, it is a uniquely designed
statement; for the purpose of checking the mathematic and the arithmetic accuracy of an account.
Reference
Future a/ccountant (2005). Trial balance and purpose. Retrieved from
(http://www.futureaccountant.com/accounting-process/study-notes/trial-balance.php).
Journal~ This is a document book or document which is created to store information
like checks, cash register tape, receipts, and other financial transactions to the account.
Reference
Wolf, Lahle (2011). Definition of an accounting journal; Published by Ask.com. Woman
in business. Retrieved from
(http://womeninbusiness.about.com/od/glossaryofaccountingterm/g/definition-journal.htm ).
Assets~ Items think cash, easily liquidated assets, pre-paid expenses, accounts
receivable, and inventory that is reasonably expected to use over the course of a business year.
Reference
Investopedia (2011). Dictionary; current assets. Retrieved from
(http://www.investopedia.com/terms/c/currentassets.asp#axzz1dSL2ad5z ).
Liabilities~ Are pecuniary (DEPT) obligations for which one is liable; in other words,
made accountable for the loss of financial assets.
Reference
Merriam-Webster, Incorporated (2011). Retrieved from w-m.com
(http://www.merriam-webster.com/dictionary/liabilities).
Net assets~ The total assets of an individual or company, minus the total liabilities. Also
referred to as, stakeholder or owner equity. In short your net worth.
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Reference
Investor Glossary (2011). Net assets. Retrieved from
(http://www.investorglossary.com/net-assets.htm)
Accounts receivable~ Is the money owed to another entity from an individual or
company for services or products used or have been delivered. Accounts receivable also refers to
weekly and bi-weekly paychecks; working individuals are owed this for work hours completed
by law.
Reference
Investopedia (2011). Dictionary; accounts receivable. Retrieved from
(http://www.investopedia.com/terms/a/accountsreceivable.asp#axzz1dVssGdiD).
Accounts payable~ Are the depts. that an entity is obligated to pay in a short period of
time to a creditor.
Reference
Investopidia (2011). Dictionary; accounts payable. Retrieved from
(http://www.investopedia.com/terms/a/accountspayable.asp#axzz1dVssGdiD).
Revenues~ The total amount of money a company receives during a marked period of
time. Revenues also include items such as interests, increase in equity for owner, exchange of
assets, and any net sales.
Reference
InvestorWords.com (2011). Revenues. Retrieved from
(http://www.investorwords.com/4254/revenue.html)
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