Chapter 1 - The Demand for and Supply of Financial Accounting Information - 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.

1. Utilize resources in day-to-day activities to produce goods and/or services and sell them to customers
   Operating Activities
2. A member should observe the profession’s technical and ethical standards, strive continually to improve competence and the quality of services, and discharge professional responsibility to the best of the member’s ability.
   Due Care
3. Change in equity of a company during a period from transactions, events, and circumstances relating to nonowner sources
   Comprehensive Income
4. Establishes GAAP
   FASB
5. Used to measure and report financial statements that are relevant and representationally faithful
   Accounting Standards
6. Has legal authority to prescribe accounting principles and reporting practices for all corporations issuing publicly traded securities within the U.S. capital markets.
   Securities and Exchange Commission (SEC)
7. Resources of the firm
   Assets
8. Members should exercise sensitive professional and moral judgments in their activities.
   Responsibilities
9. A member in public practice should observe the Principles of the CPC in determining the scope and nature of services to be provided
   Scope & Nature of Services
10. Communicating financial accounting information to existing and potential investors, creditors, lenders, and other external decision makers
    Financial Reporting Process
11. Annual report including financial statements filed by publicly traded companies
    Form 10-K
12. Raise equity capital by attracting investments from business owners or acquire resources from lenders
    Financing Activities
13. Cash inflows and outflows from operating, investing and financing activities
    Statement of Cash Flows
14. Members should perform all professional responsibilities with the highest sense of integrity.
    Integrity
15. Amounts initially contributed by shareholders
    Contributed Capital
16. Revenues – Expenses + Gains – Losses
    Net Income
17. International Financial Reporting Standards
    IFRS
18. International Accounting Standards Board
    IASB
19. A snapshot of the resources of a firm and the claims on the firm
    Balance Sheet
20. Acquire productive resources such as property, plant, equipment, technology, etc. to operate the business
    Investing Activities
21. Extensive narrative discussion and quantitative analysis from the company’s managers.
    Management Discussion & Analysis
22. Provides information about the common shareholders’ equity claims on the company and how those claims change during the period
    Statement of Shareholders' Equity
23. Measures and reports the financial results of a firm’s performance
    Income Statement
24. Explains how the accounts and amounts have been determined. Provides important details about the accounting principles, methods, and estimates the company has used.
    Notes to Financial Statements
25. A newly released standard by FASB
    Accounting Standards Update
26. Members should act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism.
    The Public Interest
27. Generally Accepted Accounting Principles
    GAAP
28. Identify significant emerging accounting issues that it feels the FASB should address.
    Emerging Issues Task Force
29. Electronic database that integrates and topically organizes U.S. GAAP into one coherent body of literature
    Accounting Standards Codification
30. Independent experts in accounting who carefully evaluate a company’s accounting records and verify whether the financial statements are fairly presented in accordance with professional standards.
    Independent Auditors
31. Creditors, Investors, Employees, Suppliers, Governments, Communities
    Stakeholders
32. Assets = Liabilities + Shareholders’ Equity
    Accounting Equation
33. Six principles that express the basic tenets of ethical and professional conduct and call for an unswerving commitment to honorable behavior, even at the sacrifice of personal advantage
    AICPA Code of Professional Conduct
34. A member should be objective and free from conflicts of interest in discharging professional responsibilities
    Objectivity & Independence