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Balance Sheet (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 Balance Sheet (Explanation).

1. The amounts reported on the balance sheet are as of a _________ in time.

POINT NOITP
POINT TOIPN

2. Resources.

ASSETS ASSTES
ASSETS SSTASE

3. Obligations.

LIABILITIES TSABEILIIIL
LIABILITIES TELAIILISIB

4. Sales on account that have not yet been collected are accounts _______________.

RECEIVABLE VLEIRECAEB
RECEIVABLE EAVLRBCIEE

5. Merchandise on hand.

INVENTORY ENRVNYITO
INVENTORY OINEVYRNT

6. The total depreciation since an asset was acquired is ______________ depreciation.

ACCUMULATED CTDUMCUEALA
ACCUMULATED CADTUUELACM

7. Amounts owed for goods and services received on account are accounts __________.

PAYABLE ELAPYAB
PAYABLE LYEBAAP

8. A corporation's owner's equity is referred to as __________________' equity.

STOCKHOLDERS DKTECOLOSSRH
STOCKHOLDERS EOCSHRTKLDOS

9. The cumulative amount of a corporation's earnings less its cumulative dividends is _____________ earnings.

RETAINED DETNIREA
RETAINED ETDRNEIA

10. ________ stock is a corporation's own stock that it has purchased but has not retired.

TREASURY EURYATRS
TREASURY ETAUSRRY

11. The company that has paid insurance premiums in advance should report the unexpired cost in the account __________ Insurance.

PREPAID EDPIPAR
PREPAID IARDEPP

12. A small amount of cash available to make small outlays is known as the _________ cash fund.

PETTY TEYTP
PETTY YETPT

13. Inventory is reported as a __________ asset.

CURRENT URRCTEN
CURRENT NRRCETU

14. One section of stockholders' equity is paid-in or contributed _________.

CAPITAL PATCAIL
CAPITAL PLITAAC

15. The declaration of dividends will reduce the balance in __________ earnings.

RETAINED TIAREDNE
RETAINED ITNREDEA

16. Inventories are often reported at the ________ of cost or net realizable value.

LOWER WOERL
LOWER ERWLO

17. Cash that is restricted for the construction of a plant asset is reported in the balance sheet section labeled as _________________.

INVESTMENTS ENNESVTTIMS
INVESTMENTS MSVTTNENEIS

18. Sometimes an ______________ will require that a plant asset be written down to an amount smaller than its carrying value.

IMPAIRMENT IIPATRNMEM
IMPAIRMENT NRPAIEIMTM

19. Patents, trademarks, and goodwill are examples of ________________ assets.

INTANGIBLE INNTGLEIBA
INTANGIBLE IINNELGTAB

20. The accounts Allowance for Doubtful Accounts and Accumulated Depreciation are known as ________-asset accounts.

CONTRA NRAOCT
CONTRA CRTNAO
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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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