Hsm 260 Week 1

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• GAAP meaning generally accepted accounting principles (GAAP) are basic sets of rules governing how the financial books and records of an organization are to be maintained; how revenues, expenditures, and expenses are to be accounted for; and how financial statements are to be prepared. (Ch. 3, pg. 20)
• Basic accounting formula is used to determine what might be called the net worth of a private nonprofit human service agency. )Ch. 3, pg. 28)
• Transaction/T-account is a transaction of any financial activity that causes a change (either an increase or a decrease) in the assets, liabilities, or net assets of a human service agency. At-account is an individual financial account maintained by a human service agency. Individual accounts are called t-accounts because they are separated into a debit side and credit side which gives the account the appearance of the letter T. (Ch. 4, pg. 37)
• General Ledger is the name given to the aggregate of all the t-accounts maintained by a human service agency. (Ch. 4, pg.38)
• Debit is any entry made to the left side of any t-account. (Ch. 4, pg. 38)
• Credit is any entry made to the right side of any t-account. (Ch. 4, pg. 38)
• Account balance is the sum of all debits and credits in an individual t-account. (Ch. 4, pg.38)
• Trail balance is the totaling of all the debits and credits in the general ledger accounts at the end of an accounting period. (Ch. 4, pg. 39)
• Journal is a chronological listing of all transactions. (Ch. 4, pg. 39)
• Assets are anything that a private nonprofit organization owns that has economic value. (Ch. 3, pg.24)
• Liabilities are obligations to pay somebody something, usually in cash. (Ch. 3, pg.24)
• Net assets are what is left over (if anything) when liabilities are subtracted from assets. (Ch. 3, pg.24)
• Accounts receivable is revenues earned by a human service agency, but not…...

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