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check point week 1 - Journal Where you record everything in...

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GAAP describes the joint fiscal statements http://www.fasab.gov/accepted.html Basic accounting formula is: The organizations net worth can be found using the basic formula http://www.ehow.com/about_5121481_basic-accounting-theories.html The t-account is where both sides meaning the debit and credit are combined http://www.tuition.com.hk/dictionary/t.htm General ledger: A book that records all the debits and credits http://www.tuition.com.hk/dictionary/t.htm Debit: when you enter an amount in the left hand side of a journal. http://www.tuition.com.hk/dictionary/t.htm Credit: When you make an entry on the right hand side of a journal http://www.tuition.com.hk/dictionary/t.htm Account balance: All the money combined in one http://www.investorwords.com/46/account_balance.html Trial balance: dealings showing credit and debit http://www.accountz.com/glossary.html#t
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Unformatted text preview: Journal: Where you record everything in one http://www.tuition.com.hk/dictionary/j.htm#Journal%28s%29 Assets: Anything of value owned by the company http://www.tuition.com.hk/dictionary/a.htm#Asset Liabilities: Are items that are owed by the organization http://www.tuition.com.hk/dictionary/l.htm#Liabilities Net assets: After adding the value and subtracting the liabilities, you get the total value. http://www.tuition.com.hk/dictionary/n.htm#Net_assets Accounts receivable: Money owed to the business. http://www.tuition.com.hk/dictionary/a.htm#Accounts_receivable Accounts payable: This is where the business would have to pay the money it owes out. http://www.tuition.com.hk/dictionary/a.htm#Accounts_payable Revenues: All sales and anything taxable is considered income for the business. http://www.accountz.com/glossary.html#...
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  • Spring '10
  • dr.dave
  • Generally Accepted Accounting Principles, Double-entry bookkeeping system, basic accounting formula, joint fiscal statements

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