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