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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 TSSESA
ASSETS SESSTA

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

REVENUES EREVSENU
REVENUES EREUVENS

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

EQUITY YQUTEI
EQUITY YTQEUI

4. ______________ by owners increase their ownership interest.

INVESTMENTS ETSTEVSNNIM
INVESTMENTS TMNNEETVSSI

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

LIABILITIES BALEISTLIII
LIABILITIES LEIBTILAISI

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

EXPENSES PSENXESE
EXPENSES PSNXEEES

7. Other ___________________ income includes foreign currency translation adjustments.

COMPREHENSIVE OHECVIEPSNERM
COMPREHENSIVE IOPREHVCMSNEE

8. The net outflows resulting from peripheral transactions.

LOSSES SSESOL
LOSSES SSSOLE

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

DISTRIBUTIONS OBDITSRTUINSI
DISTRIBUTIONS OIBTUTRISNDIS

10. The net increases in equity from peripheral transactions.

GAINS SIGAN
GAINS NAGSI
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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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