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.ACCOUNTINGCYCLEThe processof recordingfinancialtransactionsIncomeStatementA 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.POSTINGThe process oftransferringamounts fromthe generaljournal to thegeneral ledger. INTERNALREVENUESERVICEThegovernmentagency thatcollects taxesand enforcestax laws. GAAPGuidelines thataccountantsconsistently use toprepare financialstatements, makingmultiple statementscomparable to oneanother.PUBLICCOMPANYACCOUNTINGOVERSIGHTBOARDCorporationstarted byCongress thatoversees theaudits of publiccompanies. CORPORATIONA business that isseparate and apartfrom any otherbusiness or person.One or more peoplemay own acorporation. Theowners are protectedfrom personal liability. SECURITIESEXCHANGECOMMISSIONThe governmentagency that regulatessecurities (stocks andbonds), enforcesaccounting laws, anddictates financialreporting rules.CREDITThe right-hand columnof accountingjournals andledgers. 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.PRINCIPLEOFCONTINUITYPrinciple that assumesthe business is inbusiness for the longhaul and is notexpected to beinterrupted or to closedown in the short run.TRIALBALANCEA list of all theaccounts and theirbalances. Mostinformation neededfor preparing thevarious financialstatements is notedon this single page.PRINCIPLE OFCONSISTENCYPrinciple thatrequires the sameaccounting rulesbe followed at alltimes.SOURCEDOCUMENTSThe paper trail thatprovides evidence thatmoney or capital cameinto or left thecompany. Sourcedocuments mayinclude receipts,invoices, bills,cancelled checks, etc.PRINCIPLE OFPERMANENCEOF METHODSPrinciple requiringthat the sameaccounting methodsand format ofstatements should beused over time sothey can becompared.BALANCESHEETA statement that liststheassets, liabilities, andowner’s equity. Itdisplays a company’scollateral and liquidityat a point in time.FINANCIALSTATEMENTA report that tells astory about economicresources comingin and going out of abusiness. No onereport tells the wholestory.ACCOUNTINGFRAUDA specific type of fraudthat involvesmisrepresenting thetruth on any one of thefinancial statements,either by lying or byomitting importantinformation causingloss to another.StatementofOwner'sEquityExplains the changesin retained earnings.This statement usesinformation from theincome statementand providesinformation to thebalance sheet.JOURNALA record offinancialtransactionslistedchronologicallyin a log. GENERALLEDGERThe log that containsa record of eachaccount. It’s preparedafter the generaljournal and beforethe trial balance.DEBITThe left-handcolumn ofaccountingjournals andledgers.SOLEPROPRIETORSHIPA business that isowned by oneperson or amarried couple.The owner haspersonal liabilityfor the company. CHART OFACCOUNTSThe list of accountsunique to a specificcompanybased on its business.These accountsare used to track dollaramounts coming intoand going out of acompany.Free!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. 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; aPARTNERSHIPA 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 apersonalPRINCIPLEOFSINCERITYPrinciple that saysthat statementsmust be presentedhonestly andaccurately at alltimes.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.ACCOUNTINGCYCLEThe processof recordingfinancialtransactionsIncomeStatementA 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.POSTINGThe process oftransferringamounts fromthe generaljournal to thegeneral ledger. INTERNALREVENUESERVICEThegovernmentagency thatcollects taxesand enforcestax laws. GAAPGuidelines thataccountantsconsistently use toprepare financialstatements, makingmultiple statementscomparable to oneanother.PUBLICCOMPANYACCOUNTINGOVERSIGHTBOARDCorporationstarted byCongress thatoversees theaudits of publiccompanies. CORPORATIONA business that isseparate and apartfrom any otherbusiness or person.One or more peoplemay own acorporation. Theowners are protectedfrom personal liability. SECURITIESEXCHANGECOMMISSIONThe governmentagency that regulatessecurities (stocks andbonds), enforcesaccounting laws, anddictates financialreporting rules.CREDITThe right-hand columnof accountingjournals andledgers. 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.PRINCIPLEOFCONTINUITYPrinciple that assumesthe business is inbusiness for the longhaul and is notexpected to beinterrupted or to closedown in the short run.TRIALBALANCEA list of all theaccounts and theirbalances. Mostinformation neededfor preparing thevarious financialstatements is notedon this single page.PRINCIPLE OFCONSISTENCYPrinciple thatrequires the sameaccounting rulesbe followed at alltimes.SOURCEDOCUMENTSThe paper trail thatprovides evidence thatmoney or capital cameinto or left thecompany. Sourcedocuments mayinclude receipts,invoices, bills,cancelled checks, etc.PRINCIPLE OFPERMANENCEOF METHODSPrinciple requiringthat the sameaccounting methodsand format ofstatements should beused over time sothey can becompared.BALANCESHEETA statement that liststheassets, liabilities, andowner’s equity. Itdisplays a company’scollateral and liquidityat a point in time.FINANCIALSTATEMENTA report that tells astory about economicresources comingin and going out of abusiness. No onereport tells the wholestory.ACCOUNTINGFRAUDA specific type of fraudthat involvesmisrepresenting thetruth on any one of thefinancial statements,either by lying or byomitting importantinformation causingloss to another.StatementofOwner'sEquityExplains the changesin retained earnings.This statement usesinformation from theincome statementand providesinformation to thebalance sheet.JOURNALA record offinancialtransactionslistedchronologicallyin a log. GENERALLEDGERThe log that containsa record of eachaccount. It’s preparedafter the generaljournal and beforethe trial balance.DEBITThe left-handcolumn ofaccountingjournals andledgers.SOLEPROPRIETORSHIPA business that isowned by oneperson or amarried couple.The owner haspersonal liabilityfor the company. CHART OFACCOUNTSThe list of accountsunique to a specificcompanybased on its business.These accountsare used to track dollaramounts coming intoand going out of acompany.Free!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. 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; aPARTNERSHIPA 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 apersonalPRINCIPLEOFSINCERITYPrinciple that saysthat statementsmust be presentedhonestly andaccurately at alltimes.

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. 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
  2. The process of recording financial transactions
    ACCOUNTING CYCLE
  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. The process of transferring amounts from the general journal to the general ledger.
    POSTING
  5. The government agency that collects taxes and enforces tax laws.
    INTERNAL REVENUE SERVICE
  6. Guidelines that accountants consistently use to prepare financial statements, making multiple statements comparable to one another.
    GAAP
  7. Corporation started by Congress that oversees the audits of public companies.
    PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD
  8. 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
  9. The government agency that regulates securities (stocks and bonds), enforces accounting laws, and dictates financial reporting rules.
    SECURITIES EXCHANGE COMMISSION
  10. The right-hand column of accounting journals and ledgers.
    CREDIT
  11. 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
  12. 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
  13. 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
  14. Principle that requires the same accounting rules be followed at all times.
    PRINCIPLE OF CONSISTENCY
  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. 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
  17. 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
  18. 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
  19. 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
  20. 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
  21. A record of financial transactions listed chronologically in a log.
    JOURNAL
  22. The log that contains a record of each account. It’s prepared after the general journal and before the trial balance.
    GENERAL LEDGER
  23. The left-hand column of accounting journals and ledgers.
    DEBIT
  24. A business that is owned by one person or a married couple. The owner has personal liability for the company.
    SOLE PROPRIETORSHIP
  25. 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
  26. Free!
  27. 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
  28. 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
  29. 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
  30. Principle that says that statements must be presented honestly and accurately at all times.
    PRINCIPLE OF SINCERITY