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