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