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Income Statement(Word Scramble)

Author:
Harold Averkamp, CPA, MBA

To see each answer, press or click on the blue "Unscramble" button. 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 EUSVRNEE
REVENUES URNVSEEE

2. A retailer's revenues.

SALES LSESA
SALES LEASS

3. Costs used up in order to earn revenues.

EXPENSES SPEXSEEN
EXPENSES XEENSPSE

4. The __________ basis of accounting is better than the cash basis for measuring profitability in a limited time period.

ACCRUAL CAUCARL
ACCRUAL RCLAAUC

5. The expense associated with debt.

INTEREST IENSRTET
INTEREST NSRTTIEE

6. At the end of the accounting year, income statement accounts are ______________.

CLOSED LSOECD
CLOSED OECDSL

7. Sales minus the cost of goods sold is gross _________.

PROFIT RFOPTI
PROFIT TRIFOP

8. Selling, general and administrative (SG&A) expenses are referred to as _____________ expenses.

OPERATING PGEOITRAN
OPERATING PAIGNETOR

9. The heading of the income statement discloses the _________ of time covered.

PERIOD OIPERD
PERIOD DROPEI

10. An accounting year beginning on July 1 and ending on June 30 is referred to as a _________ year.

FISCAL IACFSL
FISCAL CFAILS

11. Earnings per share must be reported on the income statement when a corporation's stock is publicly ___________.

TRADED DTDARE
TRADED DRDETA

12. An increase in net assets from a peripheral activity.

GAIN NAGI
GAIN GANI

13. On a multiple-step income statement, interest expense is reported as a ________________ or other expense.

NONOPERATING OETPNOIRGANN
NONOPERATING RONEPANIGNTO

14. The elimination of an entire subsidiary of a corporation will result in reporting an amount on the income statement described as _______________ operations.

DISCONTINUED SCOUENDTNIDI
DISCONTINUED CNSIDIUNTDEO

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 RYRCNIGA
CARRYING RCIYNARG

16. The income statement is also known as the statement of ____________.

OPERATIONS IPSNOATORE
OPERATIONS IOSTNPROAE

17. The largest expense on a retailer's income statement is usually its _____ of goods sold.

COST OSCT
COST OCST

18. Accrual accounting requires that expenses be __________ with revenues.

MATCHED EHMTDAC
MATCHED TAHCDME

19. Changes in accounting ___________ such as depreciation are not viewed as errors.

ESTIMATES SETEITSAM
ESTIMATES ISTEESATM

20. The few gains or losses that are not included in net income will be reported as part of other _____________________ income.

COMPREHENSIVE OEINRSEPCVHEM
COMPREHENSIVE IOVRCPESMNEHE
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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.

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