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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 PITNO
POINT TONPI

2. Resources.

ASSETS TESASS
ASSETS SSETAS

3. Obligations.

LIABILITIES BSIIELITIAL
LIABILITIES IIISBEITLLA

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

RECEIVABLE LBCAEIREVE
RECEIVABLE VRIEEEABLC

5. Merchandise on hand.

INVENTORY TNYNEIROV
INVENTORY ROEVTNIYN

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

ACCUMULATED TDAAUMCECLU
ACCUMULATED DCUEAACUMLT

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

PAYABLE BELAPYA
PAYABLE ALEYBAP

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

STOCKHOLDERS ODELSHTSKCRO
STOCKHOLDERS SROCLKHDETOS

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

RETAINED ERTDINEA
RETAINED NERIATED

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

TREASURY UEYRRATS
TREASURY UTYARERS

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

PREPAID PARIEPD
PREPAID RDPPAEI

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

PETTY EYTTP
PETTY ETYPT

13. Inventory is reported as a __________ asset.

CURRENT CEURRTN
CURRENT TRNRUCE

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

CAPITAL APTCLIA
CAPITAL CAPITAL

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

RETAINED ETANDIER
RETAINED NTEAIERD

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

LOWER LROEW
LOWER EWORL

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

INVESTMENTS ITSTMENSENV
INVESTMENTS ENSSITVMTEN

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

IMPAIRMENT PEMAMNRIIT
IMPAIRMENT APRNTIMIEM

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

INTANGIBLE NGBTINIALE
INTANGIBLE NNIGLBIAET

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

CONTRA TRAONC
CONTRA NATCRO
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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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