PrivateCompanyAn incorporatedbusiness withlimited liabilitybut shares arenot available onthe ASXHistoricalCostPrincipleThe assumptionthat all assets areinitially recordedat the amountpaid at the timeof acquisitionRevenueSales is anexample ofthis accounttypeLossWhenRevenues<ExpensesBalanceDayAdjustmentsEntries made atend of period tomatch revenueand expenseaccurately so thatprofit can bedeterminedAccountingEntityconceptThis conceptseparates theowner from thebusiness for thepurposes ofaccountingGSTCollectedA liabilityaccount used torecord GSTreceived fromcustomers onG&SInputTaxedSuppliesInclude financialsupplies - GST isnot collected onthese supplies andinput tax creditscannot be claimedDebitThenature ofassetsOwner'sEquityThe owner'sinterest orinvestmentin thebusinessOperatingActivitiesA category inthe Statementof Cash Flowsto record theday to dayflows of cashExpenseAn outflowof resourcesfrom abusinessInventoryAdjustmentA Cost of Salesaccount used torecordshortages orsurpluses ofstockGeneral &AdministrativeExpensesincurred in theday-to-dayoperation of thebusiness egInsuranceAnalysisA criterionthat looks atrelationships,trends andissuesAccountingEquationA= L+ OELedgerA collectionof all theaccountsused by abusinessProfitWhenRevenues>ExpensesGSTClearingAccount usedto calculate thenet amountpayable orrefundable forGST.EvaluationA criterion thatfocuses onjudgements aboutalternatives,decisions andrecommendationsGSTCreditsReceivedA negativeliability accountused to recordGST paid tosuppliers onG&SGeneralJournalThe book oforiginal entrywheretransactionsare firstrecordedDrawingsAssets takenfrom thebusiness bythe owner forpersonal usePublicCompanyAn incorporatedbusiness structurethat enjoys limitedliability and canraise funds throughselling shares onthe stock marketLiquidityThe efficiencyor ease inwhich an assetcan beconverted intocashAccountingPeriodconceptA concept thatassumes the lifeof the businessis divided intoarbitrary timeperiodsFree!ReversingEntriesPerformed onthe first day ofthe newfinancial year toundo the effectsof BDAsTaxableSuppliesGoods subjectto GST - GST isboth collectedand input taxcredits can beclaimedClosingEntriesThe processwhere revenueand exp accountsare cleared to theProfit or LossSummary AccountCreditRevenueare thisnatureFinanceExpensesExpensesincurred ingetting orproviding moneyeg InterestExpenseLiabilitiesAmountsowed toexternalpartiesGSTFreeSuppliesSupplies thatare not taxed.GST is notcollected butinput tax creditscan be claimedSoleTraderOwnership structurewith a single ownerwho is responsiblefor all decision-making, finance andbears losses andtakes profits withunlimited liabilityAssetsItems ofvalue owneror controlledby abusinessSelling &DistributionExpensesrelated togetting the G&Sto the customere.g. AdvertisingLowerof Costor NRVRule to recordthe value ofinventorieswithin thebusinessPartnership2-20 ownersshare decision-making andprofits of thebusiness -unlimited liabilitySolvencyThe ability of abusiness to beable to meet itsdebts/obligationsPrivateCompanyAn incorporatedbusiness withlimited liabilitybut shares arenot available onthe ASXHistoricalCostPrincipleThe assumptionthat all assets areinitially recordedat the amountpaid at the timeof acquisitionRevenueSales is anexample ofthis accounttypeLossWhenRevenues<ExpensesBalanceDayAdjustmentsEntries made atend of period tomatch revenueand expenseaccurately so thatprofit can bedeterminedAccountingEntityconceptThis conceptseparates theowner from thebusiness for thepurposes ofaccountingGSTCollectedA liabilityaccount used torecord GSTreceived fromcustomers onG&SInputTaxedSuppliesInclude financialsupplies - GST isnot collected onthese supplies andinput tax creditscannot be claimedDebitThenature ofassetsOwner'sEquityThe owner'sinterest orinvestmentin thebusinessOperatingActivitiesA category inthe Statementof Cash Flowsto record theday to dayflows of cashExpenseAn outflowof resourcesfrom abusinessInventoryAdjustmentA Cost of Salesaccount used torecordshortages orsurpluses ofstockGeneral &AdministrativeExpensesincurred in theday-to-dayoperation of thebusiness egInsuranceAnalysisA criterionthat looks atrelationships,trends andissuesAccountingEquationA= L+ OELedgerA collectionof all theaccountsused by abusinessProfitWhenRevenues>ExpensesGSTClearingAccount usedto calculate thenet amountpayable orrefundable forGST.EvaluationA criterion thatfocuses onjudgements aboutalternatives,decisions andrecommendationsGSTCreditsReceivedA negativeliability accountused to recordGST paid tosuppliers onG&SGeneralJournalThe book oforiginal entrywheretransactionsare firstrecordedDrawingsAssets takenfrom thebusiness bythe owner forpersonal usePublicCompanyAn incorporatedbusiness structurethat enjoys limitedliability and canraise funds throughselling shares onthe stock marketLiquidityThe efficiencyor ease inwhich an assetcan beconverted intocashAccountingPeriodconceptA concept thatassumes the lifeof the businessis divided intoarbitrary timeperiodsFree!ReversingEntriesPerformed onthe first day ofthe newfinancial year toundo the effectsof BDAsTaxableSuppliesGoods subjectto GST - GST isboth collectedand input taxcredits can beclaimedClosingEntriesThe processwhere revenueand exp accountsare cleared to theProfit or LossSummary AccountCreditRevenueare thisnatureFinanceExpensesExpensesincurred ingetting orproviding moneyeg InterestExpenseLiabilitiesAmountsowed toexternalpartiesGSTFreeSuppliesSupplies thatare not taxed.GST is notcollected butinput tax creditscan be claimedSoleTraderOwnership structurewith a single ownerwho is responsiblefor all decision-making, finance andbears losses andtakes profits withunlimited liabilityAssetsItems ofvalue owneror controlledby abusinessSelling &DistributionExpensesrelated togetting the G&Sto the customere.g. AdvertisingLowerof Costor NRVRule to recordthe value ofinventorieswithin thebusinessPartnership2-20 ownersshare decision-making andprofits of thebusiness -unlimited liabilitySolvencyThe ability of abusiness to beable to meet itsdebts/obligations

2023 Accounting Review - 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. An incorporated business with limited liability but shares are not available on the ASX
    Private Company
  2. The assumption that all assets are initially recorded at the amount paid at the time of acquisition
    Historical Cost Principle
  3. Sales is an example of this account type
    Revenue
  4. When Revenues < Expenses
    Loss
  5. Entries made at end of period to match revenue and expense accurately so that profit can be determined
    Balance Day Adjustments
  6. This concept separates the owner from the business for the purposes of accounting
    Accounting Entity concept
  7. A liability account used to record GST received from customers on G&S
    GST Collected
  8. Include financial supplies - GST is not collected on these supplies and input tax credits cannot be claimed
    Input Taxed Supplies
  9. The nature of assets
    Debit
  10. The owner's interest or investment in the business
    Owner's Equity
  11. A category in the Statement of Cash Flows to record the day to day flows of cash
    Operating Activities
  12. An outflow of resources from a business
    Expense
  13. A Cost of Sales account used to record shortages or surpluses of stock
    Inventory Adjustment
  14. Expenses incurred in the day-to-day operation of the business eg Insurance
    General & Administrative
  15. A criterion that looks at relationships, trends and issues
    Analysis
  16. A= L + OE
    Accounting Equation
  17. A collection of all the accounts used by a business
    Ledger
  18. When Revenues > Expenses
    Profit
  19. Account used to calculate the net amount payable or refundable for GST.
    GST Clearing
  20. A criterion that focuses on judgements about alternatives, decisions and recommendations
    Evaluation
  21. A negative liability account used to record GST paid to suppliers on G&S
    GST Credits Received
  22. The book of original entry where transactions are first recorded
    General Journal
  23. Assets taken from the business by the owner for personal use
    Drawings
  24. An incorporated business structure that enjoys limited liability and can raise funds through selling shares on the stock market
    Public Company
  25. The efficiency or ease in which an asset can be converted into cash
    Liquidity
  26. A concept that assumes the life of the business is divided into arbitrary time periods
    Accounting Period concept
  27. Free!
  28. Performed on the first day of the new financial year to undo the effects of BDAs
    Reversing Entries
  29. Goods subject to GST - GST is both collected and input tax credits can be claimed
    Taxable Supplies
  30. The process where revenue and exp accounts are cleared to the Profit or Loss Summary Account
    Closing Entries
  31. Revenue are this nature
    Credit
  32. Expenses incurred in getting or providing money eg Interest Expense
    Finance Expenses
  33. Amounts owed to external parties
    Liabilities
  34. Supplies that are not taxed. GST is not collected but input tax credits can be claimed
    GST Free Supplies
  35. Ownership structure with a single owner who is responsible for all decision-making, finance and bears losses and takes profits with unlimited liability
    Sole Trader
  36. Items of value owner or controlled by a business
    Assets
  37. Expenses related to getting the G&S to the customer e.g. Advertising
    Selling & Distribution
  38. Rule to record the value of inventories within the business
    Lower of Cost or NRV
  39. 2-20 owners share decision-making and profits of the business - unlimited liability
    Partnership
  40. The ability of a business to be able to meet its debts/obligations
    Solvency