Accounting bingo

Exercise and reference answers

Clues and terms

1. Clue

   Things of value owned.

   Item

   Assets

2. Clue

   What the firm owes.

   Item

   Liabilities

3. Clue

   Owners' share of it.

   Item

   Net worth

4. Clue

   Two records each time.

   Item

   Double entry

5. Clue

   Used for over a year.

   Item

   Fixed asset

6. Clue

   Valuable but untouchable.

   Item

   Intangible

7. Clue

   Sales less goods cost.

   Item

   Gross profit

8. Clue

   Short term paying power.

   Item

   Current ratio

9. Clue

   Same test, no stock.

   Item

   Acid test

Instructions

Read each clue and tap the term it describes.

Explanation