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Income Statement (Word Scramble)

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If you have difficulty answering the following questions, learn more about this topic by reading our Income Statement (Explanation).

1. Amounts earned through a company's main activities. REVENUES SNUREEEV Unscramble
2. A retailer's revenues. SALES SSLEA Unscramble
3. Costs used up in order to earn revenues. EXPENSES SXNEESPE Unscramble
4. The __________ basis of accounting is better than the cash basis for measuring profitability in a limited time period. ACCRUAL URLACAC Unscramble
5. The expense associated with debt. INTEREST SITTEREN Unscramble
6. At the end of the accounting year, income statement accounts are ______________. CLOSED ODSLCE Unscramble
7. Sales minus the cost of goods sold is gross _________. PROFIT FRTIPO Unscramble
8. Selling, general and administrative (SG&A) expenses are referred to as _____________ expenses. OPERATING NPATROEIG Unscramble
9. The heading of the income statement discloses the _________ of time covered. PERIOD RDIPOE Unscramble
10. An accounting year beginning on July 1 and ending on June 30 is referred to as a _________ year. FISCAL LISAFC Unscramble
11. Earnings per share must be reported on the income statement when a corporation's stock is publicly ___________. TRADED DEDTAR Unscramble
12. An increase in net assets from a peripheral activity. GAIN ANGI Unscramble
13. On a multiple-step income statement, interest expense is reported as a ________________ or other expense. NONOPERATING TOREPAINGONN Unscramble
14. An extraordinary item is both 1) ______________ in occurrence, and 2) unusual in nature. INFREQUENT QUIETERNNF Unscramble
15. If a corporation sells a plant asset for less than its ___________ value, the difference will be reported as a loss on the income statement. CARRYING YRRACING Unscramble
16. The income statement is also known as the statement of ____________. OPERATIONS STAINROPEO Unscramble
17. The largest expense on a retailer's income statement is usually its _____ of goods sold. COST TCSO Unscramble
18. Accrual accounting requires that expenses be __________ with revenues. MATCHED DETACHM Unscramble
19. Changes in accounting ___________ such as depreciation are not viewed as errors. ESTIMATES SEMITATES Unscramble
20. The few gains or losses that are not included in net income will be reported as part of other _____________________ income. COMPREHENSIVE VISORNEEMECHP Unscramble

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