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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 TSSASE
ASSETS ETASSS

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

REVENUES UNVSEEER
REVENUES UENRVEES

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

EQUITY QYUEIT
EQUITY EQUITY

4. ______________ by owners increase their ownership interest.

INVESTMENTS MNSSVTTNEEI
INVESTMENTS MESITVTSENN

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

LIABILITIES ITELBIIALIS
LIABILITIES LIASTILBEII

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

EXPENSES ESEXPNES
EXPENSES EENSPSXE

7. Other ___________________ income includes foreign currency translation adjustments.

COMPREHENSIVE PEVENMEOISRHC
COMPREHENSIVE ROEPVECEHSIMN

8. The net outflows resulting from peripheral transactions.

LOSSES SELSSO
LOSSES ESSOLS

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

DISTRIBUTIONS BONDSITIISURT
DISTRIBUTIONS UDSINIOSRIBTT

10. The net increases in equity from peripheral transactions.

GAINS ASGIN
GAINS AGNSI
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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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