(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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Ensures that different, knowledgeable and independent observers can reach the same conclusion that a particular representation of an event is faithfully represented
Verifiability
The assumption that reports are prepared for a particular period of time, such as month or a year, in order to obtain comparability of results
Period Assumption
The financial information reported is a faithful representation of the real-world economic event it claims to represent: complete, free from material error and neutral (without bias)
Faithful Representation
Financial information must be capable of making a difference to the decision made by the users by helping them to form predictions and/or confirm or change their previous evaluations
Relevance
Useful information is provided when the financial reports of a business can be compared over time and compared with similar information of other businesses.
Comparability
The assumption that the records of assets, liabilities and business activities of the entity are kept completely separate from those of the owner pf the entity as well as from those of other entities.
Accounting Entity Assumption
The assumption that the business will continue to operate in the future, and its records are kept on that basis
Going Concern Assumption
The assumption that the Elements of the reports are recognised when they satisfy the definitions and recognition criteria, meaning profit is calculated as revenue earned in a particular period less expenses incurred in that same period
Accrual Basis Assumption
Assets of a long-term nature, usually under the control of the business entity for a period greater than 12 months
Non-Current Assets
A = L + OE
Accounting Equation
Free!
a thing that is perceptible by touch.
Tangible
Financial information should be understandable or comprehensible to users with a reasonable knowledge of business and economic activity, and presented clearly and concisely
Understandability
Financial information should be available to decision makers in time to be capable of influencing their decisions
Timeliness
assets expected or intended to be used up or turned into cash within the next 12 months
Current Assets
goods purchased by a trading firm for resale
Inventory
