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

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. Closing Entries is the last step in the accounting cycle.
  2. In the accounting cycle, worksheet is the only optional step that is used by accountants.
  3. The Financial Reporting Standards Council or FRSC only has 15 members including the chairman.
  4. 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.
  5. Revenue is recognized when cash is received, regardless of when the sale occurs.
  6. 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.
  7. The foundation of accounting is based on the accounting equation, Equity + Assets= Liabilities.
  8. The Periodic Inventory System is used by businesses that sell high-price and low- volume merchandise.
  9. Accounting is an activity that provides qualitative financial information about an entity that is useful in making economic decisions.
  10. The other name for Equity is Net Expense.
  11. Goodwill is an intangible asset, but it is not amortized. Instead, it is tested for impairment annually.
  12. Accounting uses a double-entry system where every transaction affects only two accounts to keep the balance intact.
  13. In a manufacturing entity, total manufacturing cost consists only of Direct Material and Manufacturing Overhead.
  14. "FIFO" is an inventory valuation method in which the most recent inventory purchased is assumed to be sold first.
  15. 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.
  16. A non-current asset is an asset that a company or business expects to convert to cash or use up within one year.
  17. The Generally Accepted Accounting Principles (GAAP) are mandatory in every country around the world
  18. The statement of cash flows categorizes cash transactions into managing, investing, and financing activities.
  19. Double-entry bookkeeping was first introduced by Luca Pacioli in the 13th century.
  20. The Materiality Principle is only applicable to financial statement disclosures.
  21. Accounting primarily involves recording transactions but does not include decision-making or financial analysis.
  22. Financial accounting solely focuses on incorporating cost accounting data in which information is intended for internal use.
  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. Revenue should be recorded when it is earned, not necessarily when payment is received. This principle helps in accurately representing a business’s income.