Accounting Vocab Ch. 1-3 - 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. Generally accepted accounting principles. Th standards and rules that accountants follow while recording and reporting financial activities.
   GAAP
2. A business owned by one perosn
   Proprietorship
3. A record that summarizes all the transactions pertaining to a single item in the accounting equation
   Account
4. The side of an account that is increased is called the ...
   Normal Balance
5. Amounts to be received in the future due to the sale of goods or services
   Accounts Receivable
6. An accountant who combines accounting and investigating skills to uncover suspected fraudulent business activity, or to prevent such activity
   Forensic Accountant
7. Any business activity that changes assets, liabilities, or owner's equity
   Transaction
8. Amount recorded on the left side of an account
   Debit
9. The principles of right and wrong that guide an individual in making decisions
   Ethics
10. An account used to summarize the owner's equity in a business
    Capital Account
11. A form describing the goods or services sold, the quantity, the price, and the terms of sale
    Invoice
12. A list of accounts used by a business
    Chart of Accounts (COA)
13. Assets taken from the business for the owner's personal use
    Withdrawals
14. The amount remaining after the value of all liabilities is subtracted from the value of all assets
    Owner's Equity
15. Information for each transaction recorded in a journal
    Entry
16. A formal report that shows what an individual owns, what an individual owes, and the difference between the two
    Net Worth Statements
17. The difference between personal assets and personal liabilities
    Personal Net Worth
18. An accounting device used to analyze transactions
    T-Account
19. The name given to an account
    Account Title
20. A right granted to an individual or business to sell the products or services of another, larger business within a defined geographical area
    Franchise
21. A planned process designed to compile financial data and summarize the results in accounting records and reports
    Accounting System
22. An equation showing the relationship amount assets, liabilities, and owner's equity
    Accounting Equation
23. Financial reports that summarize the financial condition and operations of a business
    Financial Statements
24. The use of ethics in making business decisions
    Business Ethics
25. Amounts to be paid in the future for goods or services already acquired
    Accounts Payable
26. Anything of value that is owned
    Asset
27. Interest paid on an original amount deposited in a bank plus any interest that has been paid
    Compound Interest
28. Determining that the amount of cash agrees with the accounting records
    Proving Cash
29. The difference between the increases and decreases in an account
    Account Balance
30. An amount recorded on the right side of an account
    Credit
31. An amount owed
    Liability
32. A business form giving written acknowledgment for cash received
    Receipt
33. The cost of goods or services used to operate a business
    Expense
34. Recording transactions in a journal
    Journalizing
35. A business that performs an activity for a fee
    Service business
36. A person or business to whom a liability is owed
    Creditor
37. An amount paid for the use of money for a period of time
    Interest
38. The process of planning, recording, analyzing, and interpreting financial information
    Accounting
39. A form on which a brief message is written to describe a transaction
    Memorandum
40. A sale for which payment will be received at a later date
    Sale on Account
41. A formal written document that describes the nature of a business and how it will operate
    Business Plan
42. a form for recording transactions in chronological order
    Journal
43. The difference between assets and liabilities
    Equity
44. An increase in equity resulting from the sale of goods or services
    Revenue
45. Financial rights to the assets of a business
    Equities
46. An invoice used as a source document for recording a sale on account
    Sales Invoice
47. A business paper from which information is obtained for a journal entry
    Source Document
48. The recording of debit and credit parts of a transaction
    Double-Entry Accounting
49. A business form ordering a bank to pay cash from a bank account
    Check