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

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15

Accounts Payable

Money a company owes to another party.

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Check

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15

Journal Entry

A record of a financial transaction in the accounting system.

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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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15

Balance Sheet

A record of a business's assets, liabilities, and equity at a specific time. It's used to assess a business's financial health.

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Amortization

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

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lifesaver

Give 20 points!

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magnet

Take 25 points!

Okay!

gift

Win 20 points!

Okay!

lifesaver

Give 20 points!

Oops!

15

Net Income

The profit remaining after all expenses, taxes, and costs have been deducted from revenue.

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Depreciation

The systematic allocation of an asset's cost over its useful life. It's recorded as an expense on the income statement.

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trap

No points!

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fairy

Take points!

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25

rocket

Go to first place!

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thief

Give points!

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Credit

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

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Check

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baam

Lose 25 points!

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magnet

Take 25 points!

Okay!

gift

Win 20 points!

Okay!

lifesaver

Give 20 points!

Oops!

15

Liabilities

A company's debts to third parties.

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Check

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Financial Statements

Reports summarizing financial activities, including the balance sheet, income statement, and cash flow statement.

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Accounts Receivable

Money customers or other debtors owe to a business.

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Equity

The value of a business, calculated by subtracting liabilities from assets.

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Debit

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

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Check

Okay!

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