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