scagenger hunt Essay

Submitted By leahalexis2345
Words: 445
Pages: 2

Scavenger Hunt
September 28, 2014
Kevin Bottomley
Scavenger Hunt
GAAP- Stands for Generally acepted accounting principles. GAAP is a collection of followed accounting rules and stabndards for finalcial reporting. accounting formula- made up of three components including assests, liabilities, and shareholders. A formula that must balance out assests are things like cash, liabilities are things like wages, and sharholders are funds obtained from investors. Taccount-set of financial records, t account is a term to dexribe the apperance of bookkeeping entrys. With an account title on top of the t on the left side would be listed debts and credits on the right side of the T with the middle line seperating debts from credits. ledger- is a companys main accounting records. This is a complte record of financial transactions a company makes. Includes liabilities, owners equity, revenues, expenses and accounts for assests. entry recording of an amount owed, or a payment made or owed abitlity to buy something before payment based on the trust that a payment will be made in the future balance- an amount somwthing or someone has such as the amoutn in your checking account balance- list of all the general ledger accunts contained in the ledger of a business, daily record of events or business, newspaper