Accounting Vocabulary | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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15

Revenue

The total amount of money earned from business activities before deducting expenses.

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heart

Other team wins 20 points!

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gold

Win 50 points!

Okay!

fairy

Take points!

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baam

Lose 15 points!

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baam

Lose 10 points!

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rocket

Go to first place!

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fairy

Take points!

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banana

Go to last place!

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15

Trial Balance

A report that lists all ledger account balances to check if total debits equal total credits.

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Gross Profit

Revenue minus the cost of goods sold (COGS), before deducting operating expenses.

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thief

Give points!

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star

Double points!

Okay!

fairy

Take points!

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baam

Lose 5 points!

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15

Budgeting

Creating and maintaining a financial plan to manage cash flow.

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Amortization

The gradual reduction of a debt or intangible asset over a specified period.

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Cash Flow

The amount of cash a business generates or spends within a period. Positive cash flow means a business is generating more money than it's spending.

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Credit

An accounting entry that increases liabilities or equity and decreases assets.

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Book Value

The original value of an asset minus its depreciation or liability.

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Journal Entry

A record of a financial transaction in the accounting system.

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Accrual Accounting

An accounting method that records revenues and expenses when they are earned or incurred, regardless of when cash is exchanged.

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Debit

An accounting entry that increases assets and expenses and decreases liabilities and equity.

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Cost of Goods Sold (COGS)

The expenses directly related to creating a product or service.

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Liabilities

A company's debts to third parties.

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