Reports are prepared for aparticular period of time inorder to obtaincomparability of results.Profit determinationinvolvesa process of recognisingrevenue and deductingexpenses for a period.Informationwhich directlyassists theuser in makingdecisions.Expected flowof economicresources tooccurin the next 12monthsPresent obligationof the entityto transfer aneconomicresource,as a result ofpast events.Present economicresource controlledby the entity,as a result ofpast events,that has thepotential to producefuture economicbenefits.The QC thatenables users toidentify andunderstandsimilarities anddifferencesbetween items.Increases in assetsor decreasesin liabilities that resultin an increase in OEother thancontributions from theowner.The ability to ensure thatdifferent knowledgeableand independentobserverscan reach a consensusthat a particulardepiction of an event isfaithfully represented.Information isavailable todecision - makersin time to becapable ofinfluence ondecisions.The residualinterestin the assets ofthe entity afterdeducting all itsliabilities.Decreases in assetsor increasesin liabilities,that result in adecreaseof OE, other thandrawings by theowner.The records ofassets, liabilities andbusiness activities ofan entity are keptcompletely separatefrom those ofthe owner and otherentitiesInformation reported is arepresentation of thereal-world economicevent it represents. Thismeans that the user isassured the informationpresented is complete,free from material errorand neutral (without bias)Financial informationis comprehensible tousers withreasonableknowledge ofbusiness andeconomic activities.Revenue isrecognisedwhen it is earned,and expenses arerecognised whenthey are incurred.Financial reportsare prepared onthe assumptionthat the existingentity will continueto operate into thefuture.Reports are prepared for aparticular period of time inorder to obtaincomparability of results.Profit determinationinvolvesa process of recognisingrevenue and deductingexpenses for a period.Informationwhich directlyassists theuser in makingdecisions.Expected flowof economicresources tooccurin the next 12monthsPresent obligationof the entityto transfer aneconomicresource,as a result ofpast events.Present economicresource controlledby the entity,as a result ofpast events,that has thepotential to producefuture economicbenefits.The QC thatenables users toidentify andunderstandsimilarities anddifferencesbetween items.Increases in assetsor decreasesin liabilities that resultin an increase in OEother thancontributions from theowner.The ability to ensure thatdifferent knowledgeableand independentobserverscan reach a consensusthat a particulardepiction of an event isfaithfully represented.Information isavailable todecision - makersin time to becapable ofinfluence ondecisions.The residualinterestin the assets ofthe entity afterdeducting all itsliabilities.Decreases in assetsor increasesin liabilities,that result in adecreaseof OE, other thandrawings by theowner.The records ofassets, liabilities andbusiness activities ofan entity are keptcompletely separatefrom those ofthe owner and otherentitiesInformation reported is arepresentation of thereal-world economicevent it represents. Thismeans that the user isassured the informationpresented is complete,free from material errorand neutral (without bias)Financial informationis comprehensible tousers withreasonableknowledge ofbusiness andeconomic activities.Revenue isrecognisedwhen it is earned,and expenses arerecognised whenthey are incurred.Financial reportsare prepared onthe assumptionthat the existingentity will continueto operate into thefuture.

AA & QC Bingo - Call List

(Print) Use this randomly generated list as your call list when playing the game. There is no need to say the BINGO column name. Place some kind of mark (like an X, a checkmark, a dot, tally mark, etc) on each cell as you announce it, to keep track. You can also cut out each item, place them in a bag and pull words from the bag.


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  1. Reports are prepared for a particular period of time in order to obtain comparability of results. Profit determination involves a process of recognising revenue and deducting expenses for a period.
  2. Information which directly assists the user in making decisions.
  3. Expected flow of economic resources to occur in the next 12 months
  4. Present obligation of the entity to transfer an economic resource, as a result of past events.
  5. Present economic resource controlled by the entity, as a result of past events, that has the potential to produce future economic benefits.
  6. The QC that enables users to identify and understand similarities and differences between items.
  7. Increases in assets or decreases in liabilities that result in an increase in OE other than contributions from the owner.
  8. The ability to ensure that different knowledgeable and independent observers can reach a consensus that a particular depiction of an event is faithfully represented.
  9. Information is available to decision - makers in time to be capable of influence on decisions.
  10. The residual interest in the assets of the entity after deducting all its liabilities.
  11. Decreases in assets or increases in liabilities, that result in a decrease of OE, other than drawings by the owner.
  12. The records of assets, liabilities and business activities of an entity are kept completely separate from those of the owner and other entities
  13. Information reported is a representation of the real-world economic event it represents. This means that the user is assured the information presented is complete, free from material error and neutral (without bias)
  14. Financial information is comprehensible to users with reasonable knowledge of business and economic activities.
  15. Revenue is recognised when it is earned, and expenses are recognised when they are incurred.
  16. Financial reports are prepared on the assumption that the existing entity will continue to operate into the future.