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Accounting Basics (Word Scramble)

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1. The financial statement that is described as a "snapshot" of a company’s financial position is the ______________ sheet. BALANCE AELBCNA Unscramble
2. The __________ method (or basis) of accounting reports expenses when they are incurred (as opposed to when they are paid). ACCRUAL CUCLARA Unscramble
3. Land is an asset that is not ____________________. DEPRECIATED ETDPDRCAEIE Unscramble
4. An asset's book value is its cost minus its __________________ depreciation. ACCUMULATED UDTCAMALUCE Unscramble
5. The amount of prepaid insurance that has expired in the accounting period is reported as an _____________. EXPENSE SNEEEPX Unscramble
6. A credit entry will cause the Cash account balance to _____________. DECREASE EEESRADC Unscramble
7. Assets = Liabilities + Stockholders’ Equity is known as the basic accounting ________________. EQUATION UETOIANQ Unscramble
8. _____________ will cause a corporation's Stockholders' Equity to increase. REVENUES EEERSUVN Unscramble
9. A listing of the general ledger accounts that does not include the account balances is the _________ of accounts. CHART TRCAH Unscramble
10. The general ledger accounts whose balances are closed at the end of the accounting year are the ____________ statement accounts. INCOME NMICEO Unscramble
11. The statement of cash flows reports amounts according to three activities: _____________, financing, and investing. OPERATING NOAEGTPIR Unscramble
12. The amount of prepaid insurance that has not expired as of the end of the accounting period is reported as an __________. ASSET ESTAS Unscramble
13. Property is not reported at its current market value because of the cost ____________. PRINCIPLE RECIPILPN Unscramble
14. The _________-entry system means that each transaction will affect a minimum of two accounts and that debits must equal credits. DOUBLE UELDBO Unscramble
15. Unearned Revenues is reported on the balance sheet as a ______________. LIABILITY IIIYBTALL Unscramble
16. Under the accrual method, the account that is debited at the time of a sale on credit is Accounts _____________. RECEIVABLE EEEIBRALVC Unscramble
17. Under the accrual method, revenues are reported on the income statement when they are ______________. EARNED DRAEEN Unscramble
18. Under the accrual method, when a company purchases goods from a supplier on credit the company will credit Accounts _____________. PAYABLE YEPBAAL Unscramble
19. This is an allocation process (not a valuation process) associated with equipment and other plant assets. DEPRECIATION EIEIDAPCNRTO Unscramble
20. The component of stockholders' equity that serves as a link to the corporation's income statement is retained _______________. EARNINGS GRSENANI Unscramble

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