LiquidityThe efficiencyor ease inwhich an assetcan beconverted intocashTaxableSuppliesGoods subjectto GST - GST isboth collectedand input taxcredits can beclaimedDrawingsAssets takenfrom thebusiness bythe owner forpersonal useInventoryAdjustmentA Cost of Salesaccount used torecordshortages orsurpluses ofstockAccountingEquationA= L+ OESelling &DistributionExpensesrelated togetting the G&Sto the customere.g. AdvertisingInputTaxedSuppliesInclude financialsupplies - GST isnot collected onthese supplies andinput tax creditscannot be claimedGSTCreditsReceivedA negativeliability accountused to recordGST paid tosuppliers onG&SPublicCompanyAn incorporatedbusiness structurethat enjoys limitedliability and canraise funds throughselling shares onthe stock marketProfitWhenRevenues>ExpensesOwner'sEquityThe owner'sinterest orinvestmentin thebusinessFree!GSTClearingAccount usedto calculate thenet amountpayable orrefundable forGST.DebitThenature ofassetsGSTCollectedA liabilityaccount used torecord GSTreceived fromcustomers onG&SGeneral &AdministrativeExpensesincurred in theday-to-dayoperation of thebusiness egInsuranceSoleTraderOwnership structurewith a single ownerwho is responsiblefor all decision-making, finance andbears losses andtakes profits withunlimited liabilityCreditRevenueare thisnatureGeneralJournalThe book oforiginal entrywheretransactionsare firstrecordedLiabilitiesAmountsowed toexternalpartiesAnalysisA criterionthat looks atrelationships,trends andissuesAssetsItems ofvalue owneror controlledby abusinessRevenueSales is anexample ofthis accounttypeReversingEntriesPerformed onthe first day ofthe newfinancial year toundo the effectsof BDAsSolvencyThe ability of abusiness to beable to meet itsdebts/obligationsLowerof Costor NRVRule to recordthe value ofinventorieswithin thebusinessAccountingEntityconceptThis conceptseparates theowner from thebusiness for thepurposes ofaccountingLossWhenRevenues<ExpensesPrivateCompanyAn incorporatedbusiness withlimited liabilitybut shares arenot available onthe ASXPartnership2-20 ownersshare decision-making andprofits of thebusiness -unlimited liabilityClosingEntriesThe processwhere revenueand exp accountsare cleared to theProfit or LossSummary AccountFinanceExpensesExpensesincurred ingetting orproviding moneyeg InterestExpenseLedgerA collectionof all theaccountsused by abusinessAccountingPeriodconceptA concept thatassumes the lifeof the businessis divided intoarbitrary timeperiodsExpenseAn outflowof resourcesfrom abusinessBalanceDayAdjustmentsEntries made atend of period tomatch revenueand expenseaccurately so thatprofit can bedeterminedOperatingActivitiesA category inthe Statementof Cash Flowsto record theday to dayflows of cashHistoricalCostPrincipleThe assumptionthat all assets areinitially recordedat the amountpaid at the timeof acquisitionGSTFreeSuppliesSupplies thatare not taxed.GST is notcollected butinput tax creditscan be claimedEvaluationA criterion thatfocuses onjudgements aboutalternatives,decisions andrecommendationsLiquidityThe efficiencyor ease inwhich an assetcan beconverted intocashTaxableSuppliesGoods subjectto GST - GST isboth collectedand input taxcredits can beclaimedDrawingsAssets takenfrom thebusiness bythe owner forpersonal useInventoryAdjustmentA Cost of Salesaccount used torecordshortages orsurpluses ofstockAccountingEquationA= L+ OESelling &DistributionExpensesrelated togetting the G&Sto the customere.g. AdvertisingInputTaxedSuppliesInclude financialsupplies - GST isnot collected onthese supplies andinput tax creditscannot be claimedGSTCreditsReceivedA negativeliability accountused to recordGST paid tosuppliers onG&SPublicCompanyAn incorporatedbusiness structurethat enjoys limitedliability and canraise funds throughselling shares onthe stock marketProfitWhenRevenues>ExpensesOwner'sEquityThe owner'sinterest orinvestmentin thebusinessFree!GSTClearingAccount usedto calculate thenet amountpayable orrefundable forGST.DebitThenature ofassetsGSTCollectedA liabilityaccount used torecord GSTreceived fromcustomers onG&SGeneral &AdministrativeExpensesincurred in theday-to-dayoperation of thebusiness egInsuranceSoleTraderOwnership structurewith a single ownerwho is responsiblefor all decision-making, finance andbears losses andtakes profits withunlimited liabilityCreditRevenueare thisnatureGeneralJournalThe book oforiginal entrywheretransactionsare firstrecordedLiabilitiesAmountsowed toexternalpartiesAnalysisA criterionthat looks atrelationships,trends andissuesAssetsItems ofvalue owneror controlledby abusinessRevenueSales is anexample ofthis accounttypeReversingEntriesPerformed onthe first day ofthe newfinancial year toundo the effectsof BDAsSolvencyThe ability of abusiness to beable to meet itsdebts/obligationsLowerof Costor NRVRule to recordthe value ofinventorieswithin thebusinessAccountingEntityconceptThis conceptseparates theowner from thebusiness for thepurposes ofaccountingLossWhenRevenues<ExpensesPrivateCompanyAn incorporatedbusiness withlimited liabilitybut shares arenot available onthe ASXPartnership2-20 ownersshare decision-making andprofits of thebusiness -unlimited liabilityClosingEntriesThe processwhere revenueand exp accountsare cleared to theProfit or LossSummary AccountFinanceExpensesExpensesincurred ingetting orproviding moneyeg InterestExpenseLedgerA collectionof all theaccountsused by abusinessAccountingPeriodconceptA concept thatassumes the lifeof the businessis divided intoarbitrary timeperiodsExpenseAn outflowof resourcesfrom abusinessBalanceDayAdjustmentsEntries made atend of period tomatch revenueand expenseaccurately so thatprofit can bedeterminedOperatingActivitiesA category inthe Statementof Cash Flowsto record theday to dayflows of cashHistoricalCostPrincipleThe assumptionthat all assets areinitially recordedat the amountpaid at the timeof acquisitionGSTFreeSuppliesSupplies thatare not taxed.GST is notcollected butinput tax creditscan be claimedEvaluationA criterion thatfocuses onjudgements aboutalternatives,decisions andrecommendations

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