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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 ETASSS
ASSETS SSTASE

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

REVENUES NURVEESE
REVENUES SVNEEUER

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

EQUITY UEYQIT
EQUITY EIQYUT

4. ______________ by owners increase their ownership interest.

INVESTMENTS TNESSNEMVTI
INVESTMENTS TSEMNIEVTSN

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

LIABILITIES ISALIBTLIEI
LIABILITIES ILISAILIEBT

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

EXPENSES SESNXPEE
EXPENSES XSEEESNP

7. Other ___________________ income includes foreign currency translation adjustments.

COMPREHENSIVE MHSIECEENPVOR
COMPREHENSIVE NEPMVRSHEOCIE

8. The net outflows resulting from peripheral transactions.

LOSSES EOSLSS
LOSSES LSSESO

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

DISTRIBUTIONS NIOISDBTISRUT
DISTRIBUTIONS USIBTIRSOIDTN

10. The net increases in equity from peripheral transactions.

GAINS NGIAS
GAINS NIGAS
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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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