Word Scramble for... Income Statement
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 of Income Statement or it might be useful to check out multimedia courses "Creating a Profit and Loss Statement" presented by CIT Small Business Lending.
| Word Clue | Answer |
Unscrambled Answer | |
| 1. | Amounts earned through a company's main activities. | SNUREEEV | REVENUES |
| 2. | A retailer's revenues. | SSLEA | SALES |
| 3. | Costs used up in order to earn revenues. | SXNEESPE | EXPENSES |
| 4. | The __________ basis of accounting is better than the cash basis for measuring profitability in a limited time period. | URLACAC | ACCRUAL |
| 5. | The expense associated with debt. | SITTEREN | INTEREST |
| 6. | At the end of the accounting year, income statement accounts are ______________. | ODSLCE | CLOSED |
| 7. | Sales minus the cost of goods sold is gross _________. | FRTIPO | PROFIT |
| 8. | Selling, general and administrative (SG &A) expenses are referred to as _____________ expenses. | NPATROEIG | OPERATING |
| 9. | The heading of the income statement discloses the _________ of time covered. | RDIPOE | PERIOD |
| 10. | An accounting year beginning on July 1 and ending on June 30 is referred to as a _________ year. | LISAFC | FISCAL |
| 11. | Earnings per share must be reported on the income statement when a corporation's stock is publicly ___________. | DEDTAR | TRADED |
| 12. | An increase in net assets from a peripheral activity. | ANGI | GAIN |
| 13. | On a multiple-step income statement, interest expense is reported as a ________________ or other expense. | TOREPAINGONN | NONOPERATING |
| 14. | An extraordinary item is both 1) ______________ in occurrence, and 2) unusual in nature. | QUIETERNNF | INFREQUENT |
| 15. | If a corporation sells a plant asset for less than its ___________ value, the difference will be reported as a loss on the income statement. | YRRACING | CARRYING |
| 16. | The income statement is also known as the statement of ____________. | STAINROPEO | OPERATIONS |
| 17. | The largest expense on a retailer's income statement is usually its _____ of goods sold. | TCSO | COST |
| 18. | Accrual accounting requires that expenses be __________ with revenues. | DETACHM | MATCHED |
| 19. | Changes in accounting ___________ such as depreciation are not viewed as errors. | SEMITATES | ESTIMATES |
| 20. | The few gains or losses that are not included in net income will be reported as part of other _____________________ income. | VISORNEEMECHP | COMPREHENSIVE |
If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory of Income Statement or it might be useful to check out multimedia courses "Creating a Profit and Loss Statement" presented by CIT Small Business Lending.
