This bingo card has a free space and 36 words: A system used to record and report a business’s financial transactions., Accounting information is recorded and processed by hand., Accounting information is recorded and processed using a computer., Rules and standards accountants follow when preparing financial reports., Accounting that provides financial information to people outside the business, like investors and creditors., Accounting that provides information to people inside the business, like managers., The business and owner are treated as separate for accounting purposes., The business is expected to continue operating in the future., Financial information is reported for specific periods, such as a month, quarter, or year., Anything valuable that a person or business owns., A legal right to property or assets., A person or business that is owed money., Valuable things a business owns., The owner's claim to the business's assets., The owner's financial interest in the business., Money a business owes to others., Assets = Liabilities + Owner's Equity (A = L + OE), An event that changes a business's assets, liabilities, or owner's equity., A record used to track changes in a specific item, such as Cash or Accounts Payable., Money customers owe the business. (Asset), Money the business owes to others. (Liability), Buying or selling something on credit instead of paying immediately., Money or property the owner puts into the business., Money earned from selling goods or services., Costs of running the business., Money or property the owner takes out for personal use., cash (+25,000) owner's equity (+25,000), office equipment (+400) owner's equity (+400), computer equipment (+3,000) cash (-3,000), delivery equipment (+12,000) accounts payable (+12,000), accounts receivable (+200) office equipment (-200), accounts payable (-350) cash (-350), cash (+200) accounts receivable (-200), cash (+1,200) owner's equity (+1,200), owner's equity (-700) cash (-700) and cash (-500) owner's equity (-500).
Chapter 3 Review | Accounting II - Chapters 3, 4, & 5 Vocab Review | Accounting Chapter 3 Review | Accounting Bingo | Accounting Bingo
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