PARTNERSHIPA business that is ownedby two or more people. Theowners havepersonal liability for theactions of the company.Partnership income istaxed at the partner level,with each partner includinghis or her share ofpartnership income on apersonalFINANCIALSTATEMENTA report that tells astory about economicresources comingin and going out of abusiness. No onereport tells the wholestory.IncomeStatementA statement that itemizestherevenue and expenses,andcomputes the net incomeor loss for a period of time.Also referred toas a profit and lossstatement, a P&L,or a statement of earnings.INCOMESTATEMENTA statement that itemizesthe revenue and expenses,and computes the netincome or loss for a periodof time. Also referred to asa profit and loss statement,a P&L, or a statement ofearnings. BALANCESHEETA statement that liststheassets, liabilities, andowner’s equity. Itdisplays a company’scollateral and liquidityat a point in time.TRIALBALANCEA list of all theaccounts and theirbalances. Mostinformation neededfor preparing thevarious financialstatements is notedon this single page.STATEMENTOF CASHFLOWThis statement shows thenet increase or decrease incash for the period.Generally, it is divided intothree main parts. Each partreviews the cash flow fromone of three types ofactivities: (1) operatingactivities; (2) investingactivities; aDEBITThe left-handcolumn ofaccountingjournals andledgers.PRINCIPLE OFPERMANENCEOF METHODSPrinciple requiringthat the sameaccounting methodsand format ofstatements should beused over time sothey can becompared.CREDITThe right-hand columnof accountingjournals andledgers. POSTINGThe process oftransferringamounts fromthe generaljournal to thegeneral ledger. StatementofOwner'sEquityExplains the changesin retained earnings.This statement usesinformation from theincome statementand providesinformation to thebalance sheet.SOLEPROPRIETORSHIPA business that isowned by oneperson or amarried couple.The owner haspersonal liabilityfor the company. PRINCIPLEOFPERIODICITYPrinciple requiring thataccountingshould be split into periodsofthe same time length andeach transactionshould be accounted for ina given period; long-runevents might have to besplit across many periods ifnecessary.SOURCEDOCUMENTSThe paper trail thatprovides evidence thatmoney or capital cameinto or left thecompany. Sourcedocuments mayinclude receipts,invoices, bills,cancelled checks, etc.ACCOUNTINGThe established system ofkeeping track of economicresources such as money,buildings, equipment, andproducts. Also, accountingrecords the results of theoperations of a business toshow managers andowners if a business isworth continuing.JOURNALA record offinancialtransactionslistedchronologicallyin a log. PRINCIPLE OFCONSISTENCYPrinciple thatrequires the sameaccounting rulesbe followed at alltimes.PRINCIPLEOFSINCERITYPrinciple that saysthat statementsmust be presentedhonestly andaccurately at alltimes.PUBLICCOMPANYACCOUNTINGOVERSIGHTBOARDCorporationstarted byCongress thatoversees theaudits of publiccompanies. GENERALLEDGERThe log that containsa record of eachaccount. It’s preparedafter the generaljournal and beforethe trial balance.GAAPGuidelines thataccountantsconsistently use toprepare financialstatements, makingmultiple statementscomparable to oneanother.SECURITIESEXCHANGECOMMISSIONThe governmentagency that regulatessecurities (stocks andbonds), enforcesaccounting laws, anddictates financialreporting rules.INTERNALREVENUESERVICEThegovernmentagency thatcollects taxesand enforcestax laws. ACCOUNTINGFRAUDA specific type of fraudthat involvesmisrepresenting thetruth on any one of thefinancial statements,either by lying or byomitting importantinformation causingloss to another.CHART OFACCOUNTSThe list of accountsunique to a specificcompanybased on its business.These accountsare used to track dollaramounts coming intoand going out of acompany.ACCOUNTINGCYCLEThe processof recordingfinancialtransactionsCORPORATIONA business that isseparate and apartfrom any otherbusiness or person.One or more peoplemay own acorporation. Theowners are protectedfrom personal liability. PRINCIPLEOFCONTINUITYPrinciple that assumesthe business is inbusiness for the longhaul and is notexpected to beinterrupted or to closedown in the short run.Free!PARTNERSHIPA business that is ownedby two or more people. Theowners havepersonal liability for theactions of the company.Partnership income istaxed at the partner level,with each partner includinghis or her share ofpartnership income on apersonalFINANCIALSTATEMENTA report that tells astory about economicresources comingin and going out of abusiness. No onereport tells the wholestory.IncomeStatementA statement that itemizestherevenue and expenses,andcomputes the net incomeor loss for a period of time.Also referred toas a profit and lossstatement, a P&L,or a statement of earnings.INCOMESTATEMENTA statement that itemizesthe revenue and expenses,and computes the netincome or loss for a periodof time. Also referred to asa profit and loss statement,a P&L, or a statement ofearnings. BALANCESHEETA statement that liststheassets, liabilities, andowner’s equity. Itdisplays a company’scollateral and liquidityat a point in time.TRIALBALANCEA list of all theaccounts and theirbalances. Mostinformation neededfor preparing thevarious financialstatements is notedon this single page.STATEMENTOF CASHFLOWThis statement shows thenet increase or decrease incash for the period.Generally, it is divided intothree main parts. Each partreviews the cash flow fromone of three types ofactivities: (1) operatingactivities; (2) investingactivities; aDEBITThe left-handcolumn ofaccountingjournals andledgers.PRINCIPLE OFPERMANENCEOF METHODSPrinciple requiringthat the sameaccounting methodsand format ofstatements should beused over time sothey can becompared.CREDITThe right-hand columnof accountingjournals andledgers. POSTINGThe process oftransferringamounts fromthe generaljournal to thegeneral ledger. StatementofOwner'sEquityExplains the changesin retained earnings.This statement usesinformation from theincome statementand providesinformation to thebalance sheet.SOLEPROPRIETORSHIPA business that isowned by oneperson or amarried couple.The owner haspersonal liabilityfor the company. PRINCIPLEOFPERIODICITYPrinciple requiring thataccountingshould be split into periodsofthe same time length andeach transactionshould be accounted for ina given period; long-runevents might have to besplit across many periods ifnecessary.SOURCEDOCUMENTSThe paper trail thatprovides evidence thatmoney or capital cameinto or left thecompany. Sourcedocuments mayinclude receipts,invoices, bills,cancelled checks, etc.ACCOUNTINGThe established system ofkeeping track of economicresources such as money,buildings, equipment, andproducts. Also, accountingrecords the results of theoperations of a business toshow managers andowners if a business isworth continuing.JOURNALA record offinancialtransactionslistedchronologicallyin a log. PRINCIPLE OFCONSISTENCYPrinciple thatrequires the sameaccounting rulesbe followed at alltimes.PRINCIPLEOFSINCERITYPrinciple that saysthat statementsmust be presentedhonestly andaccurately at alltimes.PUBLICCOMPANYACCOUNTINGOVERSIGHTBOARDCorporationstarted byCongress thatoversees theaudits of publiccompanies. GENERALLEDGERThe log that containsa record of eachaccount. It’s preparedafter the generaljournal and beforethe trial balance.GAAPGuidelines thataccountantsconsistently use toprepare financialstatements, makingmultiple statementscomparable to oneanother.SECURITIESEXCHANGECOMMISSIONThe governmentagency that regulatessecurities (stocks andbonds), enforcesaccounting laws, anddictates financialreporting rules.INTERNALREVENUESERVICEThegovernmentagency thatcollects taxesand enforcestax laws. ACCOUNTINGFRAUDA specific type of fraudthat involvesmisrepresenting thetruth on any one of thefinancial statements,either by lying or byomitting importantinformation causingloss to another.CHART OFACCOUNTSThe list of accountsunique to a specificcompanybased on its business.These accountsare used to track dollaramounts coming intoand going out of acompany.ACCOUNTINGCYCLEThe processof recordingfinancialtransactionsCORPORATIONA business that isseparate and apartfrom any otherbusiness or person.One or more peoplemay own acorporation. Theowners are protectedfrom personal liability. PRINCIPLEOFCONTINUITYPrinciple that assumesthe business is inbusiness for the longhaul and is notexpected to beinterrupted or to closedown in the short run.Free!

Accounting Review - Call List

(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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  1. A business that is owned by two or more people. The owners have personal liability for the actions of the company. Partnership income is taxed at the partner level, with each partner including his or her share of partnership income on a personal
    PARTNERSHIP
  2. A report that tells a story about economic resources coming in and going out of a business. No one report tells the whole story.
    FINANCIAL STATEMENT
  3. A statement that itemizes the revenue and expenses, and computes the net income or loss for a period of time. Also referred to as a profit and loss statement, a P&L, or a statement of earnings.
    Income Statement
  4. A statement that itemizes the revenue and expenses, and computes the net income or loss for a period of time. Also referred to as a profit and loss statement, a P&L, or a statement of earnings.
    INCOME STATEMENT
  5. A statement that lists the assets, liabilities, and owner’s equity. It displays a company’s collateral and liquidity at a point in time.
    BALANCE SHEET
  6. A list of all the accounts and their balances. Most information needed for preparing the various financial statements is noted on this single page.
    TRIAL BALANCE
  7. This statement shows the net increase or decrease in cash for the period. Generally, it is divided into three main parts. Each part reviews the cash flow from one of three types of activities: (1) operating activities; (2) investing activities; a
    STATEMENT OF CASH FLOW
  8. The left-hand column of accounting journals and ledgers.
    DEBIT
  9. Principle requiring that the same accounting methods and format of statements should be used over time so they can be compared.
    PRINCIPLE OF PERMANENCE OF METHODS
  10. The right-hand column of accounting journals and ledgers.
    CREDIT
  11. The process of transferring amounts from the general journal to the general ledger.
    POSTING
  12. Explains the changes in retained earnings. This statement uses information from the income statement and provides information to the balance sheet.
    Statement of Owner's Equity
  13. A business that is owned by one person or a married couple. The owner has personal liability for the company.
    SOLE PROPRIETORSHIP
  14. Principle requiring that accounting should be split into periods of the same time length and each transaction should be accounted for in a given period; long-run events might have to be split across many periods if necessary.
    PRINCIPLE OF PERIODICITY
  15. The paper trail that provides evidence that money or capital came into or left the company. Source documents may include receipts, invoices, bills, cancelled checks, etc.
    SOURCE DOCUMENTS
  16. The established system of keeping track of economic resources such as money, buildings, equipment, and products. Also, accounting records the results of the operations of a business to show managers and owners if a business is worth continuing.
    ACCOUNTING
  17. A record of financial transactions listed chronologically in a log.
    JOURNAL
  18. Principle that requires the same accounting rules be followed at all times.
    PRINCIPLE OF CONSISTENCY
  19. Principle that says that statements must be presented honestly and accurately at all times.
    PRINCIPLE OF SINCERITY
  20. Corporation started by Congress that oversees the audits of public companies.
    PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD
  21. The log that contains a record of each account. It’s prepared after the general journal and before the trial balance.
    GENERAL LEDGER
  22. Guidelines that accountants consistently use to prepare financial statements, making multiple statements comparable to one another.
    GAAP
  23. The government agency that regulates securities (stocks and bonds), enforces accounting laws, and dictates financial reporting rules.
    SECURITIES EXCHANGE COMMISSION
  24. The government agency that collects taxes and enforces tax laws.
    INTERNAL REVENUE SERVICE
  25. A specific type of fraud that involves misrepresenting the truth on any one of the financial statements, either by lying or by omitting important information causing loss to another.
    ACCOUNTING FRAUD
  26. The list of accounts unique to a specific company based on its business. These accounts are used to track dollar amounts coming into and going out of a company.
    CHART OF ACCOUNTS
  27. The process of recording financial transactions
    ACCOUNTING CYCLE
  28. A business that is separate and apart from any other business or person. One or more people may own a corporation. The owners are protected from personal liability.
    CORPORATION
  29. Principle that assumes the business is in business for the long haul and is not expected to be interrupted or to close down in the short run.
    PRINCIPLE OF CONTINUITY
  30. Free!