Nicole L. Lee
HSM/260
September 20, 2013
Arin Norris

Checkpoint: Definition Scavenger Hunt

GAAP- Generally accepted accounting principles- refer to the standard framework of guidelines for financial accounting used in any giving jurisdiction. 2. generally known as accounting standards or standard accounting practice. (Wikipedia)

Basic - forming or relating to the most important part of something. 2. forming or relating to the first or easiest part of something not including anything extra (Merriam-Webster.com/dictionary)

accounting - the skill, system, or job of keeping the financial records of a business or person (Merriam-Webster.com/dictionary)

formula - a plan or method for doing, making, or achieving something. 2. a list of the ingredients used for making something 3. mathematics: a general fact or rule expressed in letters and symbols
(Merriam-Webste.com/dictionary)

Transaction - The act of transaction or the fact of being transacted. 2. Something transacted, especially a business agreement or exchange. 3. Communication involving two or more people that affects all those involved. (www.thefreedictionary.com)

account - A narrative or record of events. 2. a reason given for a particular action or event. 3. a formal banking, brokerage, or business relationship established to provide dealings, and other financial transactions. 4. Worth, standing, or importance. 5. profit or advantage. (www.thefreedictionary.com)

General - involving, applicable to, or affecting the whole. 2. not confined by specialization or careful limitation. 3.involving, relating to, or applicable to every member of a class, kind, or group <the general equation of a straight line. 4. belonging to the common nature of a group of like individuals 5. applicable to or characteristic of the majority of individuals involved. (Merriam-Webste.com/dictionary)

ledger - A ledger is the principle book or computer file for recording and totaling monetary transactions by account, with debits and credits in separate columns and a beginning balance and ending balance for each account.
(http://en.wikipedia.org/wiki/Ledger)

Debit - an entry recording an amount owed, listed on the left-hand side or column of an account. 2. (of a bank or other financial organization) remove (an amount of money) from a customer's account, typically as payment for services or goods. (google.com)

Credit - commendation or honor given for some action, quality, etc: 2. a source of pride or honor: 3. the ascription or acknowledgement of something as due or properly attributable to person, institution. 4. trust worthiness; credibility.
5. confidence in a purchaser's ability and intention to pay, displayed by entrusting the buyer with goods or services without immediate payment. ( Merriam Webster)

Account - a record of money that has been paid and money that has been received. (Merriam Webster)

balance - an even distribution of weight enabling someone or something to remain upright and steady. 2. a condition in which different elements are equal or in the correct proportions. (wikipedia)

Trial balance - A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns.
(www.investopedia.com/terms.asp)

Journal - a daily record of events or business; a private journal is usually referred to as a diary. 2. a newspaper or other periodical, in the literal sense of one published each day. 3. many publications issued at stated intervals. (wikipedia)

Assets - A resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit. 2. A balance sheet item representing what a firm owns. ( investopedia.com)

Liabilities - Any type of borrowing from persons or banks for improving a business or personal income that is payable during short or long time. 2. A duty or responsibility to others that entails settlement by future transfer or use of assets, provision of services, or other transaction yielding an economic benefit, at a specified or determinable date, on occurrence of a specified event, or on demand. (google.com)

Net assets - is the total assets minus total outside liabilities of an individual or a company. (Wikipedia)

Accounts - a report or description of an event or experience. 2. a record or statement of financial expenditure or receipts relating to a particular period or purpose. (google.com)

receivable - able to be received. 2. amounted owed to a business, regarded as assets. (goggle.com)

Accounts - records of income expenses. 2. a record of debit and credit entries to cover transactions involving a particular item or a particular person or concern (wikipedia)

Payable - 1. (of money) required to be paid; due. 2. able to be paid. (wikipedia)

Revenues - income, esp. when a company or organization an of substation nature (investopedia)
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