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

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