(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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who uses managerial accounting information
internal users
financial statement that presents assets, liabilities and equity as of a specific date
balance sheet
first step in accounting cycle
analyze business transactions
common set of accounting standards/rules
GAAP
a business set up as a separate legal entity under state law and having ownership divided into transferable shares of stock
corporation
principle stating that financial information is capable of making a difference in a decision
Relevance
Right side of an entr
Credit
the economic events of a business that are recorded by accountants
transactions
identify, record, communicate
the activities of accounting
numbers and descriptions match what really happened or existed--they are factual
faithful representation
Accounting standards set by the International Accounting Standards Board (IASB)
IFRS
primary accounting standard setting body in the US
FASB
results from the sale of goods or performance of a service in the normal course of business
revenue
they provide an opinion on a company's financial statements
auditors
they reduce stockholders' equity as a result of normal operating activities
expenses
anything owed by the business
liability
who uses financial accounting information
external users
assets= liabilities + equity
the accounting equation
retained earnings + ______= stockeholders' equity
common stock
governs accounting and reporting rules for public companies
SEC
standards of conduct by which actions are judged right or wrong, honest or dishonest, fair or unfair
ethics
income statement
presents revenues and expenses and net income/loss
a business owned by one person
proprietorship
increased the accounting and internal control requirements for public companies
SOX
claims of the business owners
stockholders' equity
retained earnings
revenue - expenses-dividends
revenue- expenses
net income
the distribution of cash or other assets to shareholders
dividends
resources owned by the business
assets
principle requiring assets are recorded at cost
historic cost principle
activities of the company should be kept separate from its owners
economic entity assumption
uses acctg, auditing, and investigative skills to investigate theft and fraud
forensic accounting
only transactions that can be expressed in money terms are included in the financial statements
monetary unit assumption
when expenses exceed revenues the result is a
net loss
