3. CheckPoint: Definition Scavenger Hunt
· Define each of the following basic accounting terms in your own words by finding sources on the Internet.
· Provide the URL that supports the definition you have created for each item.
o Basic accounting formula
o Transaction, t-account
o General ledger
o Account balance
o Trial balance
o Net assets
o Accounts receivable
o Accounts payable
· Post your definitions as a Microsoft® Word attachment.
Recently Asked Questions
- The process of i nvolves transferring entries in the general journal to individual accounts :
- At December 31 , 2014 , Hancock Company had 500,000 shares of common stock issued and outstanding , 400,000 of which had been issued and out- standing
- During the month of September , direct labor cost totaled $ 11,000 and direct labor cost was 40 % of prime cost . If total manufacturing costs during September