On a balance sheet, 'assets' are what you ow_ and 'liabilities' are what you ow_.

Expenses that have been incurred but are not yet paid are called 'acc____d expenses'.

The term 'debtor' is now often replaced with 'accounts rec___le'. Similarly, 'creditor' is often replaced with 'accounts p_____le'.

The total value of raw materials + work-in-progress + unsold stock is called 'in_____y'.

The loss in value of a tangible asset over time is called 'd_____n'. This loss is 'w____en o__' in the accounts over several years. The loss in value of an intangible asset is called 'am___n'.

The extent to which a firm relies on debt financing rather than equity financing is called its 'lev___age'.