1) Probable future economic benefts obtained or controlled by an entity as a result of past transactions or events are called:

2) Cost of merchandise sold during the period; an expense deducted from net sales to arrive at gross profit is called:

3) An expansion of the return on investment calculation to margin times turnover is called:

4) A concept that describes the range of possible outcomes from an action is called:

5) The process of recognizing revenue that has been earned but not collected or an expense that has been incurred but not paid is called:

6) Evidence of a transaction that supports the journal entry recording the transaction is called:

7) The inventory cost flow assumption that the last costs in to inventory are the first costs out to cost of goods sold is called:

8) An adjustment that results in an asset being reported at a net realizable value that is less than cost is called:

9) Accounting that is concerned with the internal use of economic and financial information to plan and control many of the activities of an entity and to support the management decision-making process is called:

10) Procedures that are used to keep track of financial transactions and accumulate the results of an entitys financial activities are called: