Course Outline
Join PRO

Income Statement(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 Income Statement (Explanation).

1. Amounts earned through a company's main activities.

REVENUES EEVRESUN
REVENUES UENSVEER

2. A retailer's revenues.

SALES ASSLE
SALES ESASL

3. Costs used up in order to earn revenues.

EXPENSES ENSSEXEP
EXPENSES EXSEESPN

4. The __________ basis of accounting is better than the cash basis for measuring profitability in a limited time period.

ACCRUAL LUARCAC
ACCRUAL LACACUR

5. The expense associated with debt.

INTEREST INEETTRS
INTEREST ERNIESTT

6. At the end of the accounting year, income statement accounts are ______________.

CLOSED DOSLCE
CLOSED OLDCSE

7. Sales minus the cost of goods sold is gross _________.

PROFIT FIRTOP
PROFIT OPRFIT

8. Selling, general and administrative (SG&A) expenses are referred to as _____________ expenses.

OPERATING ONTIGAPER
OPERATING PNTGOARIE

9. The heading of the income statement discloses the _________ of time covered.

PERIOD PERODI
PERIOD PRIOED

10. An accounting year beginning on July 1 and ending on June 30 is referred to as a _________ year.

FISCAL FCASIL
FISCAL ACSFIL

11. Earnings per share must be reported on the income statement when a corporation's stock is publicly ___________.

TRADED TRDADE
TRADED DEDATR

12. An increase in net assets from a peripheral activity.

GAIN ANGI
GAIN AGNI

13. On a multiple-step income statement, interest expense is reported as a ________________ or other expense.

NONOPERATING ANNNGROOTIEP
NONOPERATING AEPROTIONNGN

14. The elimination of an entire subsidiary of a corporation will result in reporting an amount on the income statement described as _______________ operations.

DISCONTINUED ISICUENODNTD
DISCONTINUED CUIDTINNEDSO

15. If a corporation sells a plant asset for less than its ___________ value, the difference will be reported as a loss on the income statement.

CARRYING RAIYNCGR
CARRYING RNYAGRIC

16. The income statement is also known as the statement of ____________.

OPERATIONS EONISTAOPR
OPERATIONS OESTRAIOPN

17. The largest expense on a retailer's income statement is usually its _____ of goods sold.

COST TSOC
COST TCSO

18. Accrual accounting requires that expenses be __________ with revenues.

MATCHED AMCTHDE
MATCHED HCTADME

19. Changes in accounting ___________ such as depreciation are not viewed as errors.

ESTIMATES AIMTESEST
ESTIMATES MSEIETTAS

20. The few gains or losses that are not included in net income will be reported as part of other _____________________ income.

COMPREHENSIVE CEMROENPESIHV
COMPREHENSIVE RIPOHNMCEESVE
Must-Watch Video

Learn How to Advance Your Accounting and Bookkeeping Career

  • Perform better at your current job
  • Refresh your skills to re-enter the workforce
  • Pass your accounting class
  • Understand your small business finances
Watch the Video

Join PRO or PRO Plus and Get Lifetime Access to Our Premium Materials

Read all 2,645 reviews

Features

PRO

PRO Plus

Features
Lifetime Access (One-Time Fee)
Explanations
Quizzes
Q&A
Word Scrambles
Crosswords
Bookkeeping Video Training
Financial Statements Video Training
Flashcards
Visual Tutorials
Quick Tests
Quick Tests with Coaching
Cheat Sheets
Business Forms
All PDF Files
Progress Tracking
Earn Badges and Points
Certificate - Debits and Credits
Certificate - Adjusting Entries
Certificate - Financial Statements
Certificate - Balance Sheet
Certificate - Income Statement
Certificate - Cash Flow Statement
Certificate - Working Capital
Certificate - Financial Ratios
Certificate - Bank Reconciliation
Certificate - Payroll Accounting

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

Certificates of
Achievement

Certificates of Achievement

We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping:

  • Debits and Credits
  • Adjusting Entries
  • Financial Statements
  • Balance Sheet
  • Income Statement
  • Cash Flow Statement
  • Working Capital and Liquidity
  • Financial Ratios
  • Bank Reconciliation
  • Payroll Accounting
Badges and Points
  • Work towards and earn 30 badges
  • Earn points as you work towards completing our course
View PRO Plus Features
Course Outline
Take the Tour Join Pro Upgrade to Pro Plus