Owners’ Equity: allclaims of the proprietor,partners, orstockholders againstthe assets of a firm,equal to the excess ofassets over liabilitiesBasic accountingequation:relationship thatstates that assetsequal liabilitiesplus owners’equityBudget: planning andcontrolling tool thatreflects a firm'sexpected salesrevenues, operatingexpenses and cashreceipts and outlaysAccrual accounting:method that recordsrevenue andexpenses when theyoccur, not necessarilywhen cash actuallychanges handsIncome Statement:financial record of acompany’s revenuesand expenses, andprofits over a periodof timeStatement of cashflows: a firm’s cashreceipts and cashpayments thatpresents informationon its sources anduses of cashStatement 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.Generally acceptedaccounting principles(GAAP): Encompassthe conventions, rules,and procedures fordetermining acceptableaccounting practices ata particular time (USA)Financial accountingstandards board(FASB): Is primarilyresponsible forevaluating, setting, ormodifying GAAP inthe U.S.Balance Sheet:statement of a firm’sfinancial position-whatit owns and the claimsagainst its assets, at aparticular point in timeSarbanes-Oxley Act:Responded tocases ofaccountingfraudPublic Accountants:Provide accountingservices toindividuals orbusiness firms for afeeOpen BookManagement: sharingsensitive financialinformation withemployees andteaching them how tounderstand and usefinancial statementsDouble-entrybookkeeping: processby which accountingtransaction are entered,each individualtransaction always hasan offsetting transactionManagementAccountants: Providetimely, relevant,accurate, and conciseinformation thatexecutives can use tooperate their firmsFree!Cash Budget:tracks thefirm’s cashinflows andoutflowsLiability: claimagainst afirm’s assetsby a creditorAssets:anything ofvalue ownedor leased bya businessOwners’ Equity: allclaims of the proprietor,partners, orstockholders againstthe assets of a firm,equal to the excess ofassets over liabilitiesBasic accountingequation:relationship thatstates that assetsequal liabilitiesplus owners’equityBudget: planning andcontrolling tool thatreflects a firm'sexpected salesrevenues, operatingexpenses and cashreceipts and outlaysAccrual accounting:method that recordsrevenue andexpenses when theyoccur, not necessarilywhen cash actuallychanges handsIncome Statement:financial record of acompany’s revenuesand expenses, andprofits over a periodof timeStatement of cashflows: a firm’s cashreceipts and cashpayments thatpresents informationon its sources anduses of cashStatement 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.Generally acceptedaccounting principles(GAAP): Encompassthe conventions, rules,and procedures fordetermining acceptableaccounting practices ata particular time (USA)Financial accountingstandards board(FASB): Is primarilyresponsible forevaluating, setting, ormodifying GAAP inthe U.S.Balance Sheet:statement of a firm’sfinancial position-whatit owns and the claimsagainst its assets, at aparticular point in timeSarbanes-Oxley Act:Responded tocases ofaccountingfraudPublic Accountants:Provide accountingservices toindividuals orbusiness firms for afeeOpen BookManagement: sharingsensitive financialinformation withemployees andteaching them how tounderstand and usefinancial statementsDouble-entrybookkeeping: processby which accountingtransaction are entered,each individualtransaction always hasan offsetting transactionManagementAccountants: Providetimely, relevant,accurate, and conciseinformation thatexecutives can use tooperate their firmsFree!Cash Budget:tracks thefirm’s cashinflows andoutflowsLiability: claimagainst afirm’s assetsby a creditorAssets:anything ofvalue ownedor leased bya business

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.


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