Week 1 Checkpoint - Week 1 Checkpoint: Definitions...

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Week 1 Checkpoint: Definitions Scavenger Hunt GAAP (Generally Accepted Accounting Principles) is commonly known as accounting standards and refers to regular guidelines for financial accounting in jurisdiction. http://en.wikipedia.org/wiki/GAAP Basic accounting formula is the double-entry bookkeeping system. The total debits equal the total credit. Assets = Liabilities + Capitals http://en.wikipedia.org/wiki/Accounting_equation Transaction, t-account is using two perpendicular lines (the capital letter T) to represent an account. Debits are on the left side below the line and Credits on the right. http://en.wikipedia.org/wiki/T_account#.27T.27_Accounts General ledger is the main accounting record for double-entry bookkeeping. http://en.wikipedia.org/wiki/General_ledger Debit is activity on an account showing money spent. http://en.wikipedia.org/wiki/Debit Credit is activity showing money gain. http://en.wikipedia.org/wiki/Debit
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Week 1 Checkpoint - Week 1 Checkpoint: Definitions...

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