This bingo card has 20 words: Accounting is the process of measuring, interpreting, and communicating financial information to support internal and external business decision making., Open Book Management: sharing sensitive financial information with employees and teaching them how to understand and use financial statements, Public Accountants: Provide accounting services to individuals or business firms for a fee, Management Accountants: Provide timely, relevant, accurate, and concise information that executives can use to operate their firms, Generally accepted accounting principles (GAAP): Encompass the conventions, rules, and procedures for determining acceptable accounting practices at a particular time (USA), Financial accounting standards board (FASB): Is primarily responsible for evaluating, setting, or modifying GAAP in the U.S., Sarbanes-Oxley Act: Responded to cases of accounting fraud, Assets: anything of value owned or leased by a business, Free!, Liability: claim against a firm’s assets by a creditor, Owners’ Equity: all claims of the proprietor, partners, or stockholders against the assets of a firm, equal to the excess of assets over liabilities, Basic accounting equation: relationship that states that assets equal liabilities plus owners’ equity, Double-entry bookkeeping: process by which accounting transaction are entered, each individual transaction always has an offsetting transaction, Balance Sheet: statement of a firm’s financial position-what it owns and the claims against its assets, at a particular point in time, Income Statement: financial record of a company’s revenues and expenses, and profits over a period of time, Statement of Owner’s Equity: Designed to show the components of the change in equity from the end of one fiscal year to the end of the next, Statement of cash flows: a firm’s cash receipts and cash payments that presents information on its sources and uses of cash, Accrual accounting: method that records revenue and expenses when they occur, not necessarily when cash actually changes hands, Budget: planning and controlling tool that reflects a firm's expected sales revenues, operating expenses and cash receipts and outlays and Cash Budget: tracks the firm’s cash inflows and outflows.
Unit 6 Vocabulary | Accounting Vocabulary Bingo | ACCOUNTING FUNDAMENTALS BINGO | Chapter 1 Vocabulary | Accounting Fundamentals
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