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