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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 SETSSA
ASSETS TSSSAE

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

REVENUES RUESEENV
REVENUES ESNREVEU

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

EQUITY QETUIY
EQUITY QIYTUE

4. ______________ by owners increase their ownership interest.

INVESTMENTS VISENNTSEMT
INVESTMENTS TIEESSNNTVM

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

LIABILITIES IIIETBLISAL
LIABILITIES ILLISBEITAI

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

EXPENSES SENPXSEE
EXPENSES SEXEPSEN

7. Other ___________________ income includes foreign currency translation adjustments.

COMPREHENSIVE SEORPHNIECEVM
COMPREHENSIVE RSNECOHPVIEEM

8. The net outflows resulting from peripheral transactions.

LOSSES LESSSO
LOSSES LESOSS

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

DISTRIBUTIONS IBUNDTRSIOSTI
DISTRIBUTIONS ISINTDURIOBTS

10. The net increases in equity from peripheral transactions.

GAINS AISGN
GAINS AIGNS
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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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