Chapter 1 accounting (definitions)

This bingo card has a free space and 24 words: A formal report that shows what an individual owns, what an individual owes, and the difference between the two., Planning, recording, analyzing, and interpreting financial information., An equation showing the relationship among assets, liabilities, and owner's equity., A business activity that changes assets, liabilities and owner's equity., A planned process for providing financial information that will be useful to management., The standards and rules that accountants follow while recording and reporting financial activities., The account used to summarize the owner's equity in the business., The amount remaining after the value of all liabilities is subtracted from the value of the assets., A record summarizing all the information pertaining to a single item in the accounting equation, The difference between personal assets and personal liabilities., Anything of value that is owed., A sale for which cash will be received at a later date., A formal written document that describes the nature of a business and how it will operate., A business owned by one person., A business that performs an activity for a fee., The difference between assets and liabilities., Financial reports that summarize the financial conditions and operations of a business., An amount owed by a business., A person or business to whom a liability is owed., A decrease in owner's equity resulting from the operation of a business., The amount in an account., The name given to an account., Financial rights to the assets of a business. and The principles of right and wrong that guide an individual in making decisions..

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Accounting Vocab Ch. 1-3 | Accounting | Accounting Terms | Accounting Concepts | Accounting Bingo