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 NITPO | Unscramble |
2. Resources. | ASSETS SSSTAE | Unscramble |
3. Obligations. | LIABILITIES EITILASIBIL | Unscramble |
4. Sales on account that have not yet been collected are accounts _______________. | RECEIVABLE LVEIECAERB | Unscramble |
5. Merchandise on hand. | INVENTORY NYTRIEONV | Unscramble |
6. The total depreciation since an asset was acquired is ______________ depreciation. | ACCUMULATED ELUAUTCCDAM | Unscramble |
7. Amounts owed for goods and services received on account are accounts __________. | PAYABLE LAABEPY | Unscramble |
8. A corporation's owner's equity is referred to as __________________' equity. | STOCKHOLDERS THEROLKODSCS | Unscramble |
9. The cumulative amount of a corporation's earnings less its cumulative dividends is _____________ earnings. | RETAINED TDERAIEN | Unscramble |
10. ________ stock is a corporation's own stock that it has purchased but has not retired. | TREASURY YARESRTU | Unscramble |
11. The company that has paid insurance premiums in advance should report the unexpired cost in the account __________ Insurance. | PREPAID EAPDRIP | Unscramble |
12. A small amount of cash available to make small outlays is known as the _________ cash fund. | PETTY TYPET | Unscramble |
13. Inventory is reported as a __________ asset. | CURRENT NTRUCER | Unscramble |
14. One section of stockholders' equity is paid-in or contributed _________. | CAPITAL PLATCIA | Unscramble |
15. The declaration of dividends will reduce the balance in __________ earnings. | RETAINED IDEANERT | Unscramble |
16. Inventories are often reported at the ________ of cost or net realizable value. | LOWER EOWRL | Unscramble |
17. Cash that is restricted for the construction of a plant asset is reported in the balance sheet section labeled as _________________. | INVESTMENTS STEVENMISTN | Unscramble |
18. Sometimes an ______________ will require that a plant asset be written down to an amount smaller than its carrying value. | IMPAIRMENT TRAMPMINIE | Unscramble |
19. Patents, trademarks, and goodwill are examples of ________________ assets. | INTANGIBLE BALEGITNIN | Unscramble |
20. The accounts Allowance for Doubtful Accounts and Accumulated Depreciation are known as ________-asset accounts. | CONTRA TROCAN | Unscramble |
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