Income Statement

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

NOTE: To see each answer, place your cursor in the middle of the cell under "Unscrambled Answer".

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

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