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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 SSESAT
ASSETS TSASSE

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

REVENUES UVEESNER
REVENUES RNVESUEE

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

EQUITY EUYTIQ
EQUITY QYTUIE

4. ______________ by owners increase their ownership interest.

INVESTMENTS VSNIMSNTETE
INVESTMENTS IETVTNNSSEM

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

LIABILITIES BIIELLSIATI
LIABILITIES LASBLTIEIII

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

EXPENSES XESNSPEE
EXPENSES ESEXNSPE

7. Other ___________________ income includes foreign currency translation adjustments.

COMPREHENSIVE PEEMISONCRVEH
COMPREHENSIVE OIEERMCHVNESP

8. The net outflows resulting from peripheral transactions.

LOSSES SSLSEO
LOSSES ESSSLO

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

DISTRIBUTIONS USBDNIORITITS
DISTRIBUTIONS ORBNISSUITTID

10. The net increases in equity from peripheral transactions.

GAINS SNAGI
GAINS NIGSA
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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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