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Elements of Financial Statements (Word Scramble)

Author:
Harold Averkamp, CPA, MBA

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1. Probable future economic benefits is part of the definition of __________.

ASSETS SESATS
ASSETS TSESAS

2. Inflows from delivering goods or services and other activities that are part of a company's main operations.

REVENUES RVUNEESE
REVENUES VRSENEEU

3. The residual interest in the assets of an entity after deducting liabilities.

EQUITY YQIUET
EQUITY UIQYET

4. ______________ by owners increase their ownership interest.

INVESTMENTS ETVNMESTSIN
INVESTMENTS INVNTSETMES

5. Probable future sacrifices resulting from a past transaction or event.

LIABILITIES IIEIBLLTISA
LIABILITIES IILTIEBISLA

6. Outflows, using up of assets, or incurring a liability as the result of earning revenues.

EXPENSES EEXSNEPS
EXPENSES SENPEXES

7. Other ___________________ income includes foreign currency translation adjustments.

COMPREHENSIVE RMEHOSNIVPECE
COMPREHENSIVE HIOVRNMEEPCES

8. The net outflows resulting from peripheral transactions.

LOSSES SSLESO
LOSSES OSLSSE

9. __________________ to owners will decrease owner's equity.

DISTRIBUTIONS TDBSUNOISRIIT
DISTRIBUTIONS TSOUDIIITRBNS

10. The net increases in equity from peripheral transactions.

GAINS NISGA
GAINS IANGS
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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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