1)Transactions and events

2)Liability

3)revenue, expense, withdrawals

4)Income Summary

5)(Moving) weighted average

6)Net realizable value

7)Gross profit

8)Specific identification

___________________ is an account used only in the closing process.

An advantage of the _____________________ method of inventory valuation is that it tends to smooth out price changes.

_________________ isthe amount reported in the balance sheet when sales value of aninventory item is lower than cost.

Source documents identify and describe _______________ and provide objective evidence and amounts for recording.

Unearned revenue is classified as a(n) _______________ that is satisfied by delivering products or services in the future.

The closing process resets ________, __________, and ________ account balances to zero at the end of every accounting period.

The _____________________ method is used to estimate the value of inventory that has been destroyed, lost, or stolen.

The ______________ method tracks the actual physical flow of each unit of inventory available for sale; however, management may be able to manipulate ______________ by using this method.