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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 STAESS
ASSETS SSEAST

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

REVENUES ESUNVEER
REVENUES NERSVUEE

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

EQUITY TYUIQE
EQUITY TEIQYU

4. ______________ by owners increase their ownership interest.

INVESTMENTS NISETNESTMV
INVESTMENTS TSVINEESNMT

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

LIABILITIES SBAIITILILE
LIABILITIES ETAIBISLLII

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

EXPENSES SEEXSPEN
EXPENSES SXPNESEE

7. Other ___________________ income includes foreign currency translation adjustments.

COMPREHENSIVE MVISREEONEHPC
COMPREHENSIVE EVNRHSEEPMCOI

8. The net outflows resulting from peripheral transactions.

LOSSES SEOLSS
LOSSES SESLSO

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

DISTRIBUTIONS SITIRTOUDSBNI
DISTRIBUTIONS TSURDINBOTSII

10. The net increases in equity from peripheral transactions.

GAINS ANSGI
GAINS ASING
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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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