HSM-260 wk 1 chkpt- Definition Scavenger Hunt- basic accounting terms

HSM-260 wk 1 chkpt- Definition Scavenger Hunt- basic accounting terms

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Running head: DEFINITION SCAVENGER HUNT 1 Definition Scavenger Hunt Anna Borsick HSM/260 November 11, 2011 Marilyn Gardner
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DEFINITION SCAVENGER HUNT 2 Definition Scavenger Hunt (Definitions and URL’s 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 owner’s/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 e vents that effect the  change  in  asset liability , or  net   worth  in holders  account . These transactions are recorded first in the day to day financial business  and then posted to a  ledger , known as double booking. T-accounts are a  title  that describes a  particular  account  or  financial statement
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This note was uploaded on 04/08/2012 for the course HSM 260 taught by Professor Dr.dave during the Spring '10 term at University of Phoenix.

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HSM-260 wk 1 chkpt- Definition Scavenger Hunt- basic accounting terms

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