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