This bingo card has a free space and 24 words: Intentionally records only a portion of the daily cash sales to pocket the unrecorded amount, Incorrect application of the equity method, Investments are mistakenly categorized as long-term when they should be short-term, Failing to account for inventory losses due to theft, damage, or obsolescence, Accidentally allocates a significant portion of cash receipts from a particular business division to a different division, Management inaccurately estimates the fair value of complex financial instruments, Pocketing a portion of the cash payments received from customers before recording the transactions, Using inappropriate valuation methods to determine the value of PPE assets, An employee intentionally inflates payment amounts made to legitimate vendors, Failing to make appropriate provisions for doubtful debts, Creating false sales transactions, The accounting department processes payments to a vendor that doesn't exist, Misclassifying expenses related to PPE as operating expenses or vice versa, Recording revenue before it's actually earned, Employees submit false or inflated expense report, Management fails to recognize a significant decline in the value of its long-term investments, delays the recording of client payments received in cash, Misjudging the useful life or residual value of PPE assets Using inappropriate valuation methods to determine the value of PPE assets, Deliberately reducing the amount of depreciation expenses, Choosing an inappropriate inventory valuation method that doesn't align with the actual flow of inventory, Omitting certain relevant costs from the calculation of inventory or cost of goods sold, Incorrectly categorizing certain expenses as part of the cost of goods sold, Sending excessive inventory to customers at the end of a reporting period to artificially inflate sales figures and Expenses incurred for personal purposes are incorrectly recorded as legitimate business expenses.
Financial Statement BINGO | ACCT 2301 Exam 2 Review | GGOB Bingo! | Accounting Terms | Agriculture Education Terms
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