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Accounting Basics (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 Accounting Basics (Explanation).

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1. The financial statement that is described as a "snapshot" of a company's financial position is the ______________ sheet.

BALANCE EAALBNC
BALANCE ECAABLN

2. The __________ method (or basis) of accounting reports expenses when they are incurred (as opposed to when they are paid).

ACCRUAL ACRLCUA
ACCRUAL LARAUCC

3. Land is an asset that is not ____________________.

DEPRECIATED DDREETECAIP
DEPRECIATED ICREATDDEEP

4. An asset's book value is its cost minus its __________________ depreciation.

ACCUMULATED ACUTCLMDEAU
ACCUMULATED DUTCCMEALAU

5. The amount of prepaid insurance that has expired in the accounting period is reported as an _____________.

EXPENSE PXSEENE
EXPENSE ESXENEP

6. A credit entry will cause the Cash account balance to _____________.

DECREASE ERAEDECS
DECREASE RSEEEADC

7. Assets = Liabilities + Stockholders' Equity is known as the basic accounting ________________.

EQUATION TAQINUOE
EQUATION QEOIANUT

8. _____________ will cause a corporation's Stockholders' Equity to increase.

REVENUES NSREVEUE
REVENUES NVEESURE

9. A listing of the general ledger accounts that does not include the account balances is the _________ of accounts.

CHART AHRTC
CHART RHCTA

10. The general ledger accounts whose balances are closed at the end of the accounting year are the ____________ statement accounts.

INCOME CNMIOE
INCOME CMIOEN

11. The statement of cash flows reports amounts according to three activities: _____________, financing, and investing.

OPERATING AEIPNTGOR
OPERATING OGPTERINA

12. The amount of prepaid insurance that has not expired as of the end of the accounting period is reported as an __________.

ASSET TESSA
ASSET SSEAT

13. Property is not reported at its current market value because of the cost ____________.

PRINCIPLE EPRLIIPNC
PRINCIPLE IRCNEIPPL

14. The _________-entry system means that each transaction will affect a minimum of two accounts and that debits must equal credits.

DOUBLE DLEUBO
DOUBLE LUBEOD

15. Unearned Revenues is reported on the balance sheet as a ______________.

LIABILITY ITLIIAYBL
LIABILITY BTYLIIAIL

16. Under the accrual method, the account that is debited at the time of a sale on credit is Accounts _____________.

RECEIVABLE EELIAECBRV
RECEIVABLE VIEBECELAR

17. Under the accrual method, revenues are reported on the income statement when they are ______________.

EARNED ENERAD
EARNED NEDAER

18. Under the accrual method, when a company purchases goods from a supplier on credit the company will credit Accounts _____________.

PAYABLE ABLEPYA
PAYABLE YABAELP

19. This is an allocation process (not a valuation process) associated with equipment and other plant assets.

DEPRECIATION ORPEEACNTIID
DEPRECIATION OPDEIIACENTR

20. The component of stockholders' equity that serves as a link to the corporation's income statement is retained _______________.

EARNINGS SRNAGIEN
EARNINGS GSINAENR
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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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