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Balance Sheet(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 Balance Sheet (Explanation).

1. The amounts reported on the balance sheet are as of a _________ in time.

POINT TOIPN
POINT ITPNO

2. Resources.

ASSETS ASTSSE
ASSETS ASTESS

3. Obligations.

LIABILITIES BSTLIEILAII
LIABILITIES ALTSLBIIIEI

4. Sales on account that have not yet been collected are accounts _______________.

RECEIVABLE ICVEEARBEL
RECEIVABLE BICLEERAEV

5. Merchandise on hand.

INVENTORY VNYTNIERO
INVENTORY OTIYRNNEV

6. The total depreciation since an asset was acquired is ______________ depreciation.

ACCUMULATED EULMCUDTCAA
ACCUMULATED UMCDLCAATUE

7. Amounts owed for goods and services received on account are accounts __________.

PAYABLE YBAAEPL
PAYABLE EPBYLAA

8. A corporation's owner's equity is referred to as __________________' equity.

STOCKHOLDERS KTOSLCOEDRHS
STOCKHOLDERS RDLOSHKOECST

9. The cumulative amount of a corporation's earnings less its cumulative dividends is _____________ earnings.

RETAINED NTEEAIDR
RETAINED NERDAETI

10. ________ stock is a corporation's own stock that it has purchased but has not retired.

TREASURY EUTASRRY
TREASURY RETSRAYU

11. The company that has paid insurance premiums in advance should report the unexpired cost in the account __________ Insurance.

PREPAID PPIRAED
PREPAID PEPDIAR

12. A small amount of cash available to make small outlays is known as the _________ cash fund.

PETTY EYTPT
PETTY PETYT

13. Inventory is reported as a __________ asset.

CURRENT TRCRUNE
CURRENT NERTUCR

14. One section of stockholders' equity is paid-in or contributed _________.

CAPITAL LCITAAP
CAPITAL ITALCAP

15. The declaration of dividends will reduce the balance in __________ earnings.

RETAINED ITENERDA
RETAINED NRIETDAE

16. Inventories are often reported at the ________ of cost or net realizable value.

LOWER WLOER
LOWER RELWO

17. Cash that is restricted for the construction of a plant asset is reported in the balance sheet section labeled as _________________.

INVESTMENTS ITVTENESMSN
INVESTMENTS SNVNSEIETMT

18. Sometimes an ______________ will require that a plant asset be written down to an amount smaller than its carrying value.

IMPAIRMENT AITINMERMP
IMPAIRMENT MEINPRMTAI

19. Patents, trademarks, and goodwill are examples of ________________ assets.

INTANGIBLE LNGEAIIBTN
INTANGIBLE BIIELTNGAN

20. The accounts Allowance for Doubtful Accounts and Accumulated Depreciation are known as ________-asset accounts.

CONTRA TOANRC
CONTRA NOTRCA
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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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