Word Scramble for... Balance Sheet
NOTE: To see each answer, place your cursor in the middle of the cell under "Unscrambled Answer".
If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Balance Sheet or it might be useful to check out multimedia courses "Preparing A Balance Sheet" presented by CIT Small Business Lending.
| Word Clue | Answer |
Unscrambled Answer | |
| 1. | The amounts reported on the balance sheet are as of a _________ in time. | NITPO | POINT |
| 2. | Resources. | SSSTAE | ASSETS |
| 3. | Obligations. | EITILASIBIL | LIABILITIES |
| 4. | Sales on account that have not yet been collected are accounts _______________. | LVEIECAERB | RECEIVABLE |
| 5. | Merchandise on hand. | NYTRIEONV | INVENTORY |
| 6. | The total depreciation since an asset was acquired is ______________ depreciation. | ELUAUTCCDAM | ACCUMULATED |
| 7. | Amounts owed for goods and services received on account are accounts __________. | LAABEPY | PAYABLE |
| 8. | A corporation's owner's equity is referred to as __________________' equity. | THEROLKODSCS | STOCKHOLDERS |
| 9. | The cumulative amount of a corporation's earnings less its cumulative dividends is _____________ earnings. | TDERAIEN | RETAINED |
| 10. | ________ stock is a corporation's own stock that it has purchased but has not retired. | YARESRTU | TREASURY |
| 11. | The company that has paid insurance premiums in advance should report the unexpired cost in the account __________ Insurance. | EAPDRIP | PREPAID |
| 12. | A small amount of cash available to make small outlays is known as the _________ cash fund. | TYPET | PETTY |
| 13. | Inventory is reported as a __________ asset. | NTRUCER | CURRENT |
| 14. | One section of stockholders' equity is paid-in or contributed _________. | PLATCIA | CAPITAL |
| 15. | The declaration of dividends will reduce the balance in __________ earnings. | IDEANERT | RETAINED |
| 16. | Inventories are often reported at the lower of cost or __________. | KATMER | MARKET |
| 17. | Cash that is restricted for the construction of a plant asset is reported in the balance sheet section labeled as _________________. | STEVENMISTN | INVESTMENTS |
| 18. | Sometimes an ______________ will require that a plant asset be written down to an amount smaller than its carrying value. | TRAMPMINIE | IMPAIRMENT |
| 19. | Patents, trademarks, and goodwill are examples of ________________ assets. | BALEGITNIN | INTANGIBLE |
| 20. | The accounts Allowance for Doubtful Accounts and Accumulated Depreciation are known as ________-asset accounts. | TROCAN | CONTRA |
If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Balance Sheet or it might be useful to check out multimedia courses "Preparing A Balance Sheet" presented by CIT Small Business Lending.
