Accounting

This bingo card has a free space and 24 words: Double-entry bookkeeping was first introduced by Luca Pacioli in the 13th century., Depreciation is the method of allocating the cost of a tangible asset over its useful life. It reflects the asset’s decrease in value over time., Revenue should be recorded when it is earned, not necessarily when payment is received. This principle helps in accurately representing a business’s income., Goodwill is an intangible asset, but it is not amortized. Instead, it is tested for impairment annually., Accounting primarily involves recording transactions but does not include decision-making or financial analysis., Revenue is recognized when cash is received, regardless of when the sale occurs., In the accounting cycle, worksheet is the only optional step that is used by accountants., The statement of cash flows categorizes cash transactions into managing, investing, and financing activities., The foundation of accounting is based on the accounting equation, Equity + Assets= Liabilities., Revenue should be recorded when it is earned, not necessarily when payment is received. This principle helps in accurately representing a business’s income., Accounting uses a double-entry system where every transaction affects only two accounts to keep the balance intact., R.A. No. 9892, also known as the Philippine Accountancy Act of 2004, is a law that regulates the practice of accountancy in the Philippines., The Generally Accepted Accounting Principles (GAAP) are mandatory in every country around the world, A non-current asset is an asset that a company or business expects to convert to cash or use up within one year., Accounting is an activity that provides qualitative financial information about an entity that is useful in making economic decisions., In a manufacturing entity, total manufacturing cost consists only of Direct Material and Manufacturing Overhead., The Financial Reporting Standards Council or FRSC only has 15 members including the chairman., Closing Entries is the last step in the accounting cycle., The other name for Equity is Net Expense., Financial accounting solely focuses on incorporating cost accounting data in which information is intended for internal use., The Periodic Inventory System is used by businesses that sell high-price and low- volume merchandise., The primary objective of financial accounting is to provide relevant and reliable information to internal stakeholders like managers, rather than external stakeholders like investors and creditors., "FIFO" is an inventory valuation method in which the most recent inventory purchased is assumed to be sold first. and The Materiality Principle is only applicable to financial statement disclosures..

⚠ This card has duplicate items: Revenue should be recorded when it is earned, not necessarily when payment is received. This principle helps in accurately representing a business’s income. (2)

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