Crossword Puzzles for... Income Statement

The income statement is one of the main financial statements. It is also known as the statement of operations, profit and loss statement, or P&L. The income statement reports a company's profitability during the period of time specified in its heading.

Reinforce your accounting and bookkeeping knowledge with these free crossword puzzles with answers. If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Income Statement or it might be useful to check out multimedia courses "Creating a Profit and Loss Statement" presented by CIT Small Business Lending.

Sample Income Statement Questions

1)  The accounting principle that encourages the accrual basis of accounting.

2)  Amount before income tax expense.

3)  A change in an accounting ________________ is reported only in the current and future periods' income statement. For example, a change in the useful life of an asset being depreciated.

4)  Results when a long-term asset is sold for less than its book value.

5)  Interest expense is an example of this type of expense.

6)  Results when a long-term asset is sold for more than its book value.

7)  Selling, General & Administrative expenses are also referred to as _______________ expenses.

8)  A year other than a calendar year.

9)  Organization that establishes the accounting rules. (acronym)

10)  The cost of goods available minus ____________inventory equals the cost of goods sold.

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