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