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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 SNUREEEV||Unscramble|
|2. A retailer's revenues.||SALES SSLEA||Unscramble|
|3. Costs used up in order to earn revenues.||EXPENSES SXNEESPE||Unscramble|
|4. The __________ basis of accounting is better than the cash basis for measuring profitability in a limited time period.||ACCRUAL URLACAC||Unscramble|
|5. The expense associated with debt.||INTEREST SITTEREN||Unscramble|
|6. At the end of the accounting year, income statement accounts are ______________.||CLOSED ODSLCE||Unscramble|
|7. Sales minus the cost of goods sold is gross _________.||PROFIT FRTIPO||Unscramble|
|8. Selling, general and administrative (SG&A) expenses are referred to as _____________ expenses.||OPERATING NPATROEIG||Unscramble|
|9. The heading of the income statement discloses the _________ of time covered.||PERIOD RDIPOE||Unscramble|
|10. An accounting year beginning on July 1 and ending on June 30 is referred to as a _________ year.||FISCAL LISAFC||Unscramble|
|11. Earnings per share must be reported on the income statement when a corporation's stock is publicly ___________.||TRADED DEDTAR||Unscramble|
|12. An increase in net assets from a peripheral activity.||GAIN ANGI||Unscramble|
|13. On a multiple-step income statement, interest expense is reported as a ________________ or other expense.||NONOPERATING TOREPAINGONN||Unscramble|
|14. The elimination of an entire subsidiary of a corporation will result in reporting an amount on the income statement described as _______________ operations.||DISCONTINUED IOUTSENDCDN||Unscramble|
|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 YRRACING||Unscramble|
|16. The income statement is also known as the statement of ____________.||OPERATIONS STAINROPEO||Unscramble|
|17. The largest expense on a retailer's income statement is usually its _____ of goods sold.||COST TCSO||Unscramble|
|18. Accrual accounting requires that expenses be __________ with revenues.||MATCHED DETACHM||Unscramble|
|19. Changes in accounting ___________ such as depreciation are not viewed as errors.||ESTIMATES SEMITATES||Unscramble|
|20. A foreign currency translation adjustment is one example of an item that is not included in net income and will instead be reported as part of other _____________________ income.||COMPREHENSIVE VISORNEEMECHP||Unscramble|
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