Fill in the blanks with the correct terms from the list below.
Periodic inventory....................................... Unearned Revenue
Current assets .............................................interest expense
Operating cycle ...........................................capital assets
Reversing entry........................................... current liabilities
Long-term liabilities ...................................perpetual inventory

1. Obligations that will come due in a year or longer are called ___________________.
2. A liability account that records receipt of payment for goods or services in advance of delivery is called ________________.
3. An inventory system that, at the end of each accounting period calculates the cost of the unsold goods on hand, is called a(n) _________________ system.
4. A(n) _____________________ refers to an inventory system that keeps continual track of each type of inventory.
5. ____________________ are long-lived assets, such as buildings or land.
6. Assets that can be converted to cash or used within one year are called___________________.
7. A(n) _________________ is a year-end optional technique in which certain adjusting entries are reversed.
8. The average time it takes to buy and sell merchandise and then collect accounts receivable is called the __________________.
9. ______________________ are obligations that will come due within one year or within the operating cycle.
10. An example of a non-operating expense that is categorized as a miscellaneous expense is _________________.