Income Statement (Word Scramble)

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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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