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