1. The financial statement that shows assets, liabilities, and equity is called ______________________________________________________________________.
2. The accounting equation is as follows: __________________________________.

3. The set of guidelines or pronouncements that provide appropriate accounting for various transactions used in financial statement reporting are known as ________________________________________________________.

4. Buildings, equipment, and computers are subject to the decline in value method known as ________________________________________________.

5. Intangible assets such as copyrights, patents, and trademarks are subject to the decline in value method known as _______________________________.

6. Natural resources such as oil, minerals, and timber are subject to the decline in value method known as _____________________________________.

7. When a bonds face value is higher than the market value, the bond is sold at a ____________________________.

8. Issued stock less treasury stock equals ________________________________.

9. Money owed by an organization to its vendors for products it has purchased but not yet paid for is called ________________________________.

10. Money owed to an organization from its customers for products it sold but has not yet been paid for is called _____________________________________.

11. Which inventory costing method, FIFO or LIFO, results in higher cost of goods sold at the end of the period? __________________________________

12. Beginning inventory plus purchases less cost of goods sold equals _______________________________________.

13. Gross margin divided by net sales equals_______________________________.

14. Revenues + gains expenses losses equals ____________________________.

15. Accumulated profits and losses that are reduced by dividends are called _________________________________________________.