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. Establishes GAAP
   FASB
2. A snapshot of the resources of a firm and the claims on the firm
   Balance Sheet
3. Electronic database that integrates and topically organizes U.S. GAAP into one coherent body of literature
   Accounting Standards Codification
4. Raise equity capital by attracting investments from business owners or acquire resources from lenders
   Financing Activities
5. Revenues – Expenses + Gains – Losses
   Net Income
6. Resources of the firm
   Assets
7. International Accounting Standards Board
   IASB
8. A newly released standard by FASB
   Accounting Standards Update
9. Members should act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism.
   The Public Interest
10. Creditors, Investors, Employees, Suppliers, Governments, Communities
    Stakeholders
11. Generally Accepted Accounting Principles
    GAAP
12. Communicating financial accounting information to existing and potential investors, creditors, lenders, and other external decision makers
    Financial Reporting Process
13. 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
14. 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
15. Extensive narrative discussion and quantitative analysis from the company’s managers.
    Management Discussion & Analysis
16. 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
17. Amounts initially contributed by shareholders
    Contributed Capital
18. 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
19. Change in equity of a company during a period from transactions, events, and circumstances relating to nonowner sources
    Comprehensive Income
20. Members should perform all professional responsibilities with the highest sense of integrity.
    Integrity
21. Cash inflows and outflows from operating, investing and financing activities
    Statement of Cash Flows
22. Members should exercise sensitive professional and moral judgments in their activities.
    Responsibilities
23. International Financial Reporting Standards
    IFRS
24. Provides information about the common shareholders’ equity claims on the company and how those claims change during the period
    Statement of Shareholders' Equity
25. 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)
26. Acquire productive resources such as property, plant, equipment, technology, etc. to operate the business
    Investing Activities
27. Annual report including financial statements filed by publicly traded companies
    Form 10-K
28. Identify significant emerging accounting issues that it feels the FASB should address.
    Emerging Issues Task Force
29. A member should be objective and free from conflicts of interest in discharging professional responsibilities
    Objectivity & Independence
30. Used to measure and report financial statements that are relevant and representationally faithful
    Accounting Standards
31. Utilize resources in day-to-day activities to produce goods and/or services and sell them to customers
    Operating Activities
32. Measures and reports the financial results of a firm’s performance
    Income Statement
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. Assets = Liabilities + Shareholders’ Equity
    Accounting Equation