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