Inventorygoodspurchasedby a tradingfirm forresaleComparabilityUseful information isprovided when thefinancial reports of abusiness can becompared over timeand compared withsimilar information ofother businesses.Non-CurrentAssetsAssets of a long-termnature, usually underthe control of thebusiness entity for aperiod greater than12 monthsAccountingEntityAssumptionThe assumption thatthe records of assets,liabilities and businessactivities of the entityare kept completelyseparate from those ofthe owner pf the entityas well as from thoseof other entities.FaithfulRepresentationThe financial informationreported is a faithfulrepresentation of the real-world economic event itclaims to represent:complete, free frommaterial error and neutral(without bias)VerifiabilityEnsures that different,knowledgeable andindependent observerscan reach the sameconclusion that aparticularrepresentation of anevent is faithfullyrepresentedAccrualBasisAssumptionThe assumption that theElements of the reports arerecognised when theysatisfy the definitions andrecognition criteria,meaning profit is calculatedas revenue earned in aparticular period lessexpenses incurred in thatsame periodRelevanceFinancial informationmust be capable ofmaking a difference tothe decision made bythe users by helpingthem to formpredictions and/orconfirm or change theirprevious evaluationsPeriodAssumptionThe assumption thatreports are preparedfor a particular periodof time, such asmonth or a year, inorder to obtaincomparability ofresultsUnderstandabilityFinancial informationshould be understandableor comprehensible to userswith a reasonableknowledge of business andeconomic activity, andpresented clearly andconciselyGoingConcernAssumptionThe assumptionthat the businesswill continue tooperate in thefuture, and itsrecords are kept onthat basisTangiblea thing thatisperceptibleby touch.CurrentAssetsassets expected orintended to beused up or turnedinto cash withinthe next 12monthsTimelinessFinancial informationshould be availableto decision makers intime to be capable ofinfluencing theirdecisionsAccountingEquationA = L+ OEFree!Inventorygoodspurchasedby a tradingfirm forresaleComparabilityUseful information isprovided when thefinancial reports of abusiness can becompared over timeand compared withsimilar information ofother businesses.Non-CurrentAssetsAssets of a long-termnature, usually underthe control of thebusiness entity for aperiod greater than12 monthsAccountingEntityAssumptionThe assumption thatthe records of assets,liabilities and businessactivities of the entityare kept completelyseparate from those ofthe owner pf the entityas well as from thoseof other entities.FaithfulRepresentationThe financial informationreported is a faithfulrepresentation of the real-world economic event itclaims to represent:complete, free frommaterial error and neutral(without bias)VerifiabilityEnsures that different,knowledgeable andindependent observerscan reach the sameconclusion that aparticularrepresentation of anevent is faithfullyrepresentedAccrualBasisAssumptionThe assumption that theElements of the reports arerecognised when theysatisfy the definitions andrecognition criteria,meaning profit is calculatedas revenue earned in aparticular period lessexpenses incurred in thatsame periodRelevanceFinancial informationmust be capable ofmaking a difference tothe decision made bythe users by helpingthem to formpredictions and/orconfirm or change theirprevious evaluationsPeriodAssumptionThe assumption thatreports are preparedfor a particular periodof time, such asmonth or a year, inorder to obtaincomparability ofresultsUnderstandabilityFinancial informationshould be understandableor comprehensible to userswith a reasonableknowledge of business andeconomic activity, andpresented clearly andconciselyGoingConcernAssumptionThe assumptionthat the businesswill continue tooperate in thefuture, and itsrecords are kept onthat basisTangiblea thing thatisperceptibleby touch.CurrentAssetsassets expected orintended to beused up or turnedinto cash withinthe next 12monthsTimelinessFinancial informationshould be availableto decision makers intime to be capable ofinfluencing theirdecisionsAccountingEquationA = L+ OEFree!

Accounting Unit 2 - 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. goods purchased by a trading firm for resale
    Inventory
  2. 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
  3. Assets of a long-term nature, usually under the control of the business entity for a period greater than 12 months
    Non-Current Assets
  4. 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
  5. 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
  6. Ensures that different, knowledgeable and independent observers can reach the same conclusion that a particular representation of an event is faithfully represented
    Verifiability
  7. 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
  8. 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
  9. 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
  10. Financial information should be understandable or comprehensible to users with a reasonable knowledge of business and economic activity, and presented clearly and concisely
    Understandability
  11. The assumption that the business will continue to operate in the future, and its records are kept on that basis
    Going Concern Assumption
  12. a thing that is perceptible by touch.
    Tangible
  13. assets expected or intended to be used up or turned into cash within the next 12 months
    Current Assets
  14. Financial information should be available to decision makers in time to be capable of influencing their decisions
    Timeliness
  15. A = L + OE
    Accounting Equation
  16. Free!