Accrual accounting:method that recordsrevenue andexpenses when theyoccur, not necessarilywhen cash actuallychanges handsSarbanes-Oxley Act:Responded tocases ofaccountingfraudBudget: planning andcontrolling tool thatreflects a firm'sexpected salesrevenues, operatingexpenses and cashreceipts and outlaysLiability: claimagainst afirm’s assetsby a creditorIncome Statement:financial record of acompany’s revenuesand expenses, andprofits over a periodof timeOwners’ Equity: allclaims of the proprietor,partners, orstockholders againstthe assets of a firm,equal to the excess ofassets over liabilitiesDouble-entrybookkeeping: processby which accountingtransaction are entered,each individualtransaction always hasan offsetting transactionPublic Accountants:Provide accountingservices toindividuals orbusiness firms for afeeStatement of Owner’sEquity: Designed toshow the componentsof the change inequity from the end ofone fiscal year to theend of the nextAccounting is theprocess of measuring,interpreting, andcommunicating financialinformation to supportinternal and externalbusiness decisionmaking.Financial accountingstandards board(FASB): Is primarilyresponsible forevaluating, setting, ormodifying GAAP inthe U.S.Free!Statement of cashflows: a firm’s cashreceipts and cashpayments thatpresents informationon its sources anduses of cashAssets:anything ofvalue ownedor leased bya businessBalance Sheet:statement of a firm’sfinancial position-whatit owns and the claimsagainst its assets, at aparticular point in timeManagementAccountants: Providetimely, relevant,accurate, and conciseinformation thatexecutives can use tooperate their firmsGenerally acceptedaccounting principles(GAAP): Encompassthe conventions, rules,and procedures fordetermining acceptableaccounting practices ata particular time (USA)Cash Budget:tracks thefirm’s cashinflows andoutflowsBasic accountingequation:relationship thatstates that assetsequal liabilitiesplus owners’equityOpen BookManagement: sharingsensitive financialinformation withemployees andteaching them how tounderstand and usefinancial statementsAccrual accounting:method that recordsrevenue andexpenses when theyoccur, not necessarilywhen cash actuallychanges handsSarbanes-Oxley Act:Responded tocases ofaccountingfraudBudget: planning andcontrolling tool thatreflects a firm'sexpected salesrevenues, operatingexpenses and cashreceipts and outlaysLiability: claimagainst afirm’s assetsby a creditorIncome Statement:financial record of acompany’s revenuesand expenses, andprofits over a periodof timeOwners’ Equity: allclaims of the proprietor,partners, orstockholders againstthe assets of a firm,equal to the excess ofassets over liabilitiesDouble-entrybookkeeping: processby which accountingtransaction are entered,each individualtransaction always hasan offsetting transactionPublic Accountants:Provide accountingservices toindividuals orbusiness firms for afeeStatement of Owner’sEquity: Designed toshow the componentsof the change inequity from the end ofone fiscal year to theend of the nextAccounting is theprocess of measuring,interpreting, andcommunicating financialinformation to supportinternal and externalbusiness decisionmaking.Financial accountingstandards board(FASB): Is primarilyresponsible forevaluating, setting, ormodifying GAAP inthe U.S.Free!Statement of cashflows: a firm’s cashreceipts and cashpayments thatpresents informationon its sources anduses of cashAssets:anything ofvalue ownedor leased bya businessBalance Sheet:statement of a firm’sfinancial position-whatit owns and the claimsagainst its assets, at aparticular point in timeManagementAccountants: Providetimely, relevant,accurate, and conciseinformation thatexecutives can use tooperate their firmsGenerally acceptedaccounting principles(GAAP): Encompassthe conventions, rules,and procedures fordetermining acceptableaccounting practices ata particular time (USA)Cash Budget:tracks thefirm’s cashinflows andoutflowsBasic accountingequation:relationship thatstates that assetsequal liabilitiesplus owners’equityOpen BookManagement: sharingsensitive financialinformation withemployees andteaching them how tounderstand and usefinancial statements

Accounting & Financial Statements - Call List

(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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I
2
N
3
N
4
I
5
N
6
N
7
B
8
N
9
G
10
B
11
I
12
B
13
B
14
G
15
I
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G
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B
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G
19
G
20
I
  1. I-Accrual accounting: method that records revenue and expenses when they occur, not necessarily when cash actually changes hands
  2. N-Sarbanes-Oxley Act: Responded to cases of accounting fraud
  3. N-Budget: planning and controlling tool that reflects a firm's expected sales revenues, operating expenses and cash receipts and outlays
  4. I-Liability: claim against a firm’s assets by a creditor
  5. N-Income Statement: financial record of a company’s revenues and expenses, and profits over a period of time
  6. 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
  7. B-Double-entry bookkeeping: process by which accounting transaction are entered, each individual transaction always has an offsetting transaction
  8. N-Public Accountants: Provide accounting services to individuals or business firms for a fee
  9. 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
  10. B-Accounting is the process of measuring, interpreting, and communicating financial information to support internal and external business decision making.
  11. I-Financial accounting standards board (FASB): Is primarily responsible for evaluating, setting, or modifying GAAP in the U.S.
  12. B-Free!
  13. B-Statement of cash flows: a firm’s cash receipts and cash payments that presents information on its sources and uses of cash
  14. G-Assets: anything of value owned or leased by a business
  15. 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
  16. G-Management Accountants: Provide timely, relevant, accurate, and concise information that executives can use to operate their firms
  17. B-Generally accepted accounting principles (GAAP): Encompass the conventions, rules, and procedures for determining acceptable accounting practices at a particular time (USA)
  18. G-Cash Budget: tracks the firm’s cash inflows and outflows
  19. G-Basic accounting equation: relationship that states that assets equal liabilities plus owners’ equity
  20. I-Open Book Management: sharing sensitive financial information with employees and teaching them how to understand and use financial statements