As an accounting manager for a global organization, Rohler, you have been asked to attend new hire training and explain the fixed asset acquisition process to a group of newly hired college graduates who will be part of a rotational program. They will spend nine months in various parts of the organization, including the accounting department. Some of them will have their first rotation assignment in accounting. Fill in the blanks in the speech you will give to the new hires. $($Enter answers in alphabetical order.$)$

the order is delivered, the $(1)$ RECEIVING DEPARTMENT inspects the items and accepts them into inventory, which helps mitigate the risk of $(2)$

Our fixed asset clerk updates the $(3)$ which shows the $(4)$ and $(5)$

for each fixed asset. To help mitigate the risk of fraud, we have put $(6)$ in place which are set by the fixed asset cost. Fixed assets are also known as $(7)$ and include land, buildings, and $(8).$ As fixed asset is consumed, the asset is $(9)$ "which is allocated over the asset's life."