Common terms in accounting

Choose the correct word or phrase to complete the sentence.
1. On a balance sheet, assets are what you and liabilities are what you .
2. The loss in value of a tangible asset over time is called . This loss is in the accounts over several years. The loss in value of an intangible asset is called .
3. The term "debtor" is now often replaced with "". Similarly, "creditor" is often replaced with "".
4. The total value of raw materials + work in progress + unsold stock is called .
5. Expenses that have been incurred but are not yet paid are called ".
6. The extent to which a firm relies on debt financing rather than equity financing is called "".