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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).

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

POINT OIPNT
POINT NPOIT

2. Resources.

ASSETS SSSATE
ASSETS ASESTS

3. Obligations.

LIABILITIES ISLEIIILBAT
LIABILITIES ETSILIBIILA

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

RECEIVABLE CEBEVLREIA
RECEIVABLE CIBREEELVA

5. Merchandise on hand.

INVENTORY RNNOTVIYE
INVENTORY OVNIRTNEY

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

ACCUMULATED ETCMUDUCALA
ACCUMULATED AULMUTECACD

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

PAYABLE YAEPBLA
PAYABLE BEALPYA

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

STOCKHOLDERS DCSREHOSOTLK
STOCKHOLDERS KTSLRSCODEHO

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

RETAINED NDATEREI
RETAINED RINEDEAT

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

TREASURY TYURSRAE
TREASURY ESRTAYRU

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

PREPAID EPRDAPI
PREPAID DPIRPEA

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

PETTY TYEPT
PETTY EPYTT

13. Inventory is reported as a __________ asset.

CURRENT EUCNRTR
CURRENT RNTCERU

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

CAPITAL ALCPAIT
CAPITAL CIPATAL

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

RETAINED NITEDREA
RETAINED ANRTDEEI

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

LOWER LEOWR
LOWER OEWLR

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

INVESTMENTS NNMSSETIEVT
INVESTMENTS SEESNTTNVMI

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

IMPAIRMENT IIMERAMPTN
IMPAIRMENT RAINIPMMTE

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

INTANGIBLE NLIGABITEN
INTANGIBLE INIGLAENTB

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

CONTRA COTRAN
CONTRA TAONCR
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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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