Accounting principles are based on a set of that underlie accounting practices. The _ _ concept stipulates that all business transactions must be expressed in money terms. The _ concept refers to the double sided nature of all accounting transactions. _ _ in accounting dictates that all relevant and explanatory information be included in the statements. When Assets are listed on the left-hand side and Liabilities and Owner’s Equity are listed on the right-hand side, this is called the form of the balance sheet. A Balance Sheet with Assets listed at the top and Equities listed underneath is called the _ form of a balance sheet. - expenses are intangible current assets that will be used up in the near future. _--_ is the amount of capital supplied by equity investors. Equity = Paid-in-Capital + _. In non-corporate entities (proprietorships or partnerships), the paid-in-capital section consists of capital, , and drawings An is a cost incurred in the normal course of business to generate revenues. The concept requires that revenues are recognized only when they are reasonable certain, and expenses are recognized as soon as they are reasonably possible. The _ concept states that the amount recognized as revenue is the amount that is reasonably certain to be realized. The _ __ refers to the steps that are performed sequentially during an accounting period and that are repeated every subsequent period. Securities are debt and equity securities that are held for resale. The difference between current assets and current liabilities is called _ . A _ company sells goods in basically the same form as it acquires them. A company is one that converts raw materials into finished goods for sale. Goods that have been manufactured but not yet sold are called inventory.