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.

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