Accounting


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Income Statement

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Answer
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 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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