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