Goodwill is anintangible asset,but it is notamortized.Instead, it is testedfor impairmentannually.The othername forEquity is NetExpense.R.A. No. 9892, alsoknown as thePhilippineAccountancy Act of2004, is a law thatregulates the practiceof accountancy in thePhilippines.In the accountingcycle, worksheetis the onlyoptional step thatis used byaccountants.The statement ofcash flowscategorizes cashtransactions intomanaging,investing, andfinancing activities.The MaterialityPrinciple is onlyapplicable tofinancialstatementdisclosures.Accounting is anactivity that providesqualitative financialinformation about anentity that is useful inmaking economicdecisions.Accounting uses adouble-entrysystem whereevery transactionaffects only twoaccounts to keepthe balance intact.Closing Entriesis the last stepin theaccountingcycle.Financial accountingsolely focuses onincorporating costaccounting data inwhich information isintended for internaluse.The primary objective offinancial accounting is toprovide relevant andreliable information tointernal stakeholders likemanagers, rather thanexternal stakeholderslike investors andcreditors.Depreciation is themethod of allocatingthe cost of a tangibleasset over its usefullife. It reflects theasset’s decrease invalue over time. Revenue isrecognized whencash is received,regardless ofwhen the saleoccurs.Double-entrybookkeepingwas firstintroduced byLuca Pacioli inthe 13th century.Revenue should berecorded when it isearned, not necessarilywhen payment isreceived. This principlehelps in accuratelyrepresenting abusiness’s income.The foundation ofaccounting isbased on theaccountingequation, Equity +Assets= Liabilities.The GenerallyAcceptedAccountingPrinciples (GAAP)are mandatory inevery countryaround the worldA non-currentasset is an assetthat a company orbusiness expectsto convert to cashor use up withinone year.In a manufacturingentity, totalmanufacturingcost consists onlyof Direct Materialand ManufacturingOverhead."FIFO" is aninventory valuationmethod in which themost recent inventorypurchased isassumed to be soldfirst.The PeriodicInventory Systemis used bybusinesses thatsell high-price andlow- volumemerchandise.Accountingprimarily involvesrecordingtransactions butdoes not includedecision-making orfinancial analysis.Revenue should berecorded when it isearned, not necessarilywhen payment isreceived. This principlehelps in accuratelyrepresenting abusiness’s income.The FinancialReportingStandards Councilor FRSC only has15 membersincluding thechairman.Goodwill is anintangible asset,but it is notamortized.Instead, it is testedfor impairmentannually.The othername forEquity is NetExpense.R.A. No. 9892, alsoknown as thePhilippineAccountancy Act of2004, is a law thatregulates the practiceof accountancy in thePhilippines.In the accountingcycle, worksheetis the onlyoptional step thatis used byaccountants.The statement ofcash flowscategorizes cashtransactions intomanaging,investing, andfinancing activities.The MaterialityPrinciple is onlyapplicable tofinancialstatementdisclosures.Accounting is anactivity that providesqualitative financialinformation about anentity that is useful inmaking economicdecisions.Accounting uses adouble-entrysystem whereevery transactionaffects only twoaccounts to keepthe balance intact.Closing Entriesis the last stepin theaccountingcycle.Financial accountingsolely focuses onincorporating costaccounting data inwhich information isintended for internaluse.The primary objective offinancial accounting is toprovide relevant andreliable information tointernal stakeholders likemanagers, rather thanexternal stakeholderslike investors andcreditors.Depreciation is themethod of allocatingthe cost of a tangibleasset over its usefullife. It reflects theasset’s decrease invalue over time. Revenue isrecognized whencash is received,regardless ofwhen the saleoccurs.Double-entrybookkeepingwas firstintroduced byLuca Pacioli inthe 13th century.Revenue should berecorded when it isearned, not necessarilywhen payment isreceived. This principlehelps in accuratelyrepresenting abusiness’s income.The foundation ofaccounting isbased on theaccountingequation, Equity +Assets= Liabilities.The GenerallyAcceptedAccountingPrinciples (GAAP)are mandatory inevery countryaround the worldA non-currentasset is an assetthat a company orbusiness expectsto convert to cashor use up withinone year.In a manufacturingentity, totalmanufacturingcost consists onlyof Direct Materialand ManufacturingOverhead."FIFO" is aninventory valuationmethod in which themost recent inventorypurchased isassumed to be soldfirst.The PeriodicInventory Systemis used bybusinesses thatsell high-price andlow- volumemerchandise.Accountingprimarily involvesrecordingtransactions butdoes not includedecision-making orfinancial analysis.Revenue should berecorded when it isearned, not necessarilywhen payment isreceived. This principlehelps in accuratelyrepresenting abusiness’s income.The FinancialReportingStandards Councilor FRSC only has15 membersincluding thechairman.

Accounting - 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. Goodwill is an intangible asset, but it is not amortized. Instead, it is tested for impairment annually.
  2. The other name for Equity is Net Expense.
  3. R.A. No. 9892, also known as the Philippine Accountancy Act of 2004, is a law that regulates the practice of accountancy in the Philippines.
  4. In the accounting cycle, worksheet is the only optional step that is used by accountants.
  5. The statement of cash flows categorizes cash transactions into managing, investing, and financing activities.
  6. The Materiality Principle is only applicable to financial statement disclosures.
  7. Accounting is an activity that provides qualitative financial information about an entity that is useful in making economic decisions.
  8. Accounting uses a double-entry system where every transaction affects only two accounts to keep the balance intact.
  9. Closing Entries is the last step in the accounting cycle.
  10. Financial accounting solely focuses on incorporating cost accounting data in which information is intended for internal use.
  11. The primary objective of financial accounting is to provide relevant and reliable information to internal stakeholders like managers, rather than external stakeholders like investors and creditors.
  12. Depreciation is the method of allocating the cost of a tangible asset over its useful life. It reflects the asset’s decrease in value over time.
  13. Revenue is recognized when cash is received, regardless of when the sale occurs.
  14. Double-entry bookkeeping was first introduced by Luca Pacioli in the 13th century.
  15. Revenue should be recorded when it is earned, not necessarily when payment is received. This principle helps in accurately representing a business’s income.
  16. The foundation of accounting is based on the accounting equation, Equity + Assets= Liabilities.
  17. The Generally Accepted Accounting Principles (GAAP) are mandatory in every country around the world
  18. A non-current asset is an asset that a company or business expects to convert to cash or use up within one year.
  19. In a manufacturing entity, total manufacturing cost consists only of Direct Material and Manufacturing Overhead.
  20. "FIFO" is an inventory valuation method in which the most recent inventory purchased is assumed to be sold first.
  21. The Periodic Inventory System is used by businesses that sell high-price and low- volume merchandise.
  22. Accounting primarily involves recording transactions but does not include decision-making or financial analysis.
  23. Revenue should be recorded when it is earned, not necessarily when payment is received. This principle helps in accurately representing a business’s income.
  24. The Financial Reporting Standards Council or FRSC only has 15 members including the chairman.