HSM 260 Week 1 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.

GAAP

Basic accounting formula

Transaction, t-account

General ledger

Debit

Credit

Account balance

Trial balance

Journal

Assets

Liabilities

Net assets

Accounts receivable

Accounts payable

Revenues

Post your definitions as a Microsoft Word attachment to the Assignment Link

WEEK 1

1. GGAP- (Generally Accepted Accounting Principles) These are a set of rules, standards ,conventions, and procedures that were established by The Financial Accounting board for reporting financial information.

2. Basic accounting formula- Assets Liabilities...