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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 ESSTSA
ASSETS TSESAS

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

REVENUES EVEEURSN
REVENUES SNEEUEVR

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

EQUITY YUETIQ
EQUITY TYEIQU

4. ______________ by owners increase their ownership interest.

INVESTMENTS NISVTESTMNE
INVESTMENTS ENITSVTEMSN

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

LIABILITIES TSIIIAEILBL
LIABILITIES BIETLLAISII

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

EXPENSES ESENPESX
EXPENSES SEEPENXS

7. Other ___________________ income includes foreign currency translation adjustments.

COMPREHENSIVE MCIREPEONSHEV
COMPREHENSIVE RECMIVSNOEEPH

8. The net outflows resulting from peripheral transactions.

LOSSES LSESSO
LOSSES ESSLOS

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

DISTRIBUTIONS TSRDNOTIUBISI
DISTRIBUTIONS TRUTSBIIINSDO

10. The net increases in equity from peripheral transactions.

GAINS NISAG
GAINS SANIG
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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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