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Elements of Financial Statements (Word Scramble)

Author:
Harold Averkamp, CPA, MBA

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1. Probable future economic benefits is part of the definition of __________.

ASSETS SAESTS
ASSETS ESSAST

2. Inflows from delivering goods or services and other activities that are part of a company's main operations.

REVENUES VENUEESR
REVENUES NEVUSEER

3. The residual interest in the assets of an entity after deducting liabilities.

EQUITY TEUIYQ
EQUITY QIYUTE

4. ______________ by owners increase their ownership interest.

INVESTMENTS VEISENMTSNT
INVESTMENTS MNSETEISNVT

5. Probable future sacrifices resulting from a past transaction or event.

LIABILITIES SLBTILEIIAI
LIABILITIES LLEIIIBSITA

6. Outflows, using up of assets, or incurring a liability as the result of earning revenues.

EXPENSES XPSNSEEE
EXPENSES SENESEXP

7. Other ___________________ income includes foreign currency translation adjustments.

COMPREHENSIVE OEREVNCEPSMIH
COMPREHENSIVE CMERSNEVEHPIO

8. The net outflows resulting from peripheral transactions.

LOSSES SSOLES
LOSSES SLSESO

9. __________________ to owners will decrease owner's equity.

DISTRIBUTIONS TISISRIONUBTD
DISTRIBUTIONS OURTTISIDINBS

10. The net increases in equity from peripheral transactions.

GAINS ISNGA
GAINS GAINS
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

Learn More About Harold

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  • Balance Sheet
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  • Bank Reconciliation
  • Payroll Accounting
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