CompoundInterestInterest paid on anoriginal amountdeposited in abank plus anyinterest that hasbeen paidAccountA record thatsummarizes all thetransactionspertaining to asingle item in theaccountingequationAccountsPayableAmounts to bepaid in the futurefor goods orservices alreadyacquiredNormalBalanceThe side ofan accountthat isincreased iscalled the ...AccountingEquationAn equationshowing therelationshipamount assets,liabilities, andowner's equityProvingCashDetermining thatthe amount ofcash agreeswith theaccountingrecordsBusinessPlanA formal writtendocument thatdescribes thenature of abusiness and howit will operateEquitiesFinancialrights to theassets of abusinessMemorandumA form onwhich a briefmessage iswritten todescribe atransactionCapitalAccountAn accountused tosummarize theowner's equityin a businessT-AccountAnaccountingdevice usedto analyzetransactionsAccountingSystemA planned processdesigned to compilefinancial data andsummarize theresults in accountingrecords and reportsCreditAn amountrecorded onthe right sideof anaccountReceiptA business formgiving writtenacknowledgmentfor cashreceivedNet WorthStatementsA formal report thatshows what anindividual owns,what an individualowes, and thedifference betweenthe twoWithdrawalsAssets takenfrom thebusiness forthe owner'spersonal useDouble-EntryAccountingTherecording ofdebit andcredit parts ofa transactionChart ofAccounts(COA)A list ofaccountsused by abusinessAssetAnythingof valuethat isownedBusinessEthicsThe use ofethics inmakingbusinessdecisionsJournalizingRecordingtransactionsin a journalCreditorA person orbusiness towhom aliability isowedFinancialStatementsFinancial reportsthat summarizethe financialcondition andoperations of abusinessSourceDocumentA businesspaper fromwhichinformation isobtained for ajournal entry Sale onAccountA sale forwhichpayment willbe receivedat a later dateAccountingThe process ofplanning,recording,analyzing, andinterpretingfinancialinformationJournala form forrecordingtransactions inchronologicalorderPersonalNetWorthThe differencebetweenpersonal assetsand personalliabilitiesAccountsReceivableAmounts to bereceived in thefuture due tothe sale ofgoods orservicesEquityThedifferencebetweenassets andliabilitiesExpenseThe cost ofgoods orservices usedto operate abusinessFranchiseA right granted to anindividual or businessto sell the products orservices of another,larger business withina definedgeographical areaGAAPGenerally acceptedaccounting principles.Th standards andrules thataccountants followwhile recording andreporting financialactivities.ProprietorshipA businessowned byoneperosnEthicsThe principles ofright and wrongthat guide anindividual inmaking decisionsLiabilityAnamountowedEntryInformationfor eachtransactionrecorded in ajournalDebitAmountrecorded onthe left sideof anaccountForensicAccountantAn accountant whocombines accountingand investigatingskills to uncoversuspected fraudulentbusiness activity, orto prevent suchactivityCheckA businessform orderinga bank to paycash from abank accountTransactionAny businessactivity thatchanges assets,liabilities, orowner's equityInvoiceA form describingthe goods orservices sold, thequantity, the price,and the terms ofsaleAccountTitleThe namegiven toanaccountInterestAn amountpaid for theuse of moneyfor a periodof timeServicebusinessA businessthatperforms anactivity for afeeRevenueAn increase inequity resultingfrom the sale ofgoods orservicesAccountBalanceThe differencebetween theincreases anddecreases inan accountSalesInvoiceAn invoice usedas a sourcedocument forrecording a saleon accountOwner'sEquityThe amountremaining after thevalue of allliabilities issubtracted fromthe value of allassetsCompoundInterestInterest paid on anoriginal amountdeposited in abank plus anyinterest that hasbeen paidAccountA record thatsummarizes all thetransactionspertaining to asingle item in theaccountingequationAccountsPayableAmounts to bepaid in the futurefor goods orservices alreadyacquiredNormalBalanceThe side ofan accountthat isincreased iscalled the ...AccountingEquationAn equationshowing therelationshipamount assets,liabilities, andowner's equityProvingCashDetermining thatthe amount ofcash agreeswith theaccountingrecordsBusinessPlanA formal writtendocument thatdescribes thenature of abusiness and howit will operateEquitiesFinancialrights to theassets of abusinessMemorandumA form onwhich a briefmessage iswritten todescribe atransactionCapitalAccountAn accountused tosummarize theowner's equityin a businessT-AccountAnaccountingdevice usedto analyzetransactionsAccountingSystemA planned processdesigned to compilefinancial data andsummarize theresults in accountingrecords and reportsCreditAn amountrecorded onthe right sideof anaccountReceiptA business formgiving writtenacknowledgmentfor cashreceivedNet WorthStatementsA formal report thatshows what anindividual owns,what an individualowes, and thedifference betweenthe twoWithdrawalsAssets takenfrom thebusiness forthe owner'spersonal useDouble-EntryAccountingTherecording ofdebit andcredit parts ofa transactionChart ofAccounts(COA)A list ofaccountsused by abusinessAssetAnythingof valuethat isownedBusinessEthicsThe use ofethics inmakingbusinessdecisionsJournalizingRecordingtransactionsin a journalCreditorA person orbusiness towhom aliability isowedFinancialStatementsFinancial reportsthat summarizethe financialcondition andoperations of abusinessSourceDocumentA businesspaper fromwhichinformation isobtained for ajournal entrySale onAccountA sale forwhichpayment willbe receivedat a later dateAccountingThe process ofplanning,recording,analyzing, andinterpretingfinancialinformationJournala form forrecordingtransactions inchronologicalorderPersonalNetWorthThe differencebetweenpersonal assetsand personalliabilitiesAccountsReceivableAmounts to bereceived in thefuture due tothe sale ofgoods orservicesEquityThedifferencebetweenassets andliabilitiesExpenseThe cost ofgoods orservices usedto operate abusinessFranchiseA right granted to anindividual or businessto sell the products orservices of another,larger business withina definedgeographical areaGAAPGenerally acceptedaccounting principles.Th standards andrules thataccountants followwhile recording andreporting financialactivities.ProprietorshipA businessowned byoneperosnEthicsThe principles ofright and wrongthat guide anindividual inmaking decisionsLiabilityAnamountowedEntryInformationfor eachtransactionrecorded in ajournalDebitAmountrecorded onthe left sideof anaccountForensicAccountantAn accountant whocombines accountingand investigatingskills to uncoversuspected fraudulentbusiness activity, orto prevent suchactivityCheckA businessform orderinga bank to paycash from abank accountTransactionAny businessactivity thatchanges assets,liabilities, orowner's equityInvoiceA form describingthe goods orservices sold, thequantity, the price,and the terms ofsaleAccountTitleThe namegiven toanaccountInterestAn amountpaid for theuse of moneyfor a periodof timeServicebusinessA businessthatperforms anactivity for afeeRevenueAn increase inequity resultingfrom the sale ofgoods orservicesAccountBalanceThe differencebetween theincreases anddecreases inan accountSalesInvoiceAn invoice usedas a sourcedocument forrecording a saleon accountOwner'sEquityThe amountremaining after thevalue of allliabilities issubtracted fromthe value of allassets

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.


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