1) The cost principle requires financial statement information to be based on __________ incurred in business transactions.

2) The so-called temporary accounts of a single proprietorship are its __________ accounts.

3)If a company determines cost of goods sold by counting the inventory at the end of the period and subtracting the inventory from the cost of goods available for sale, the system of accounting for inventories is called a(n)__________________

4) The _____________________ principle requires financial statements to relfect the assumption that the business will continue operating instead of being closed or sold.

5)The basis of accounting that requires revenues to be assigned to the accounting period in which they were earned regardless of when received in cash, is called the _________ basis.

6)Under the ____________________ principle, every business is to be accounted for as a separate entity, separate and distinct from its owners.

7)If a running record is maintained for each inventory item of the number of units received as units are received, the number of units sold, and the number of units remaining after each receipt of sale, the inventory system is called _______________________.

8)Only balance sheet accounts should have balances appearing on the post-closing trial balance because the balances of all temporary accounts are reduced to _______ in the closing procedures.

9)The income statement is a financial statement that shows ________ and ________ during a specified period of time.

10)The _____________ principle requires financial statement information to be supported by evidence other than someone's opinion or imagination.