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1. Sole proprietorship a. Set of global accounting guidelines, formulated by the IASB 2. Faithful representation b. Holds that fair market value should not be used over 3. Partnership actual costs 4. IFRS c. Stands for Financial Accounting Standards Board 5. Corporation d. Owner is referred to as a proprietor 6. Audit e. Asserts that accounting information should be complete, neutral, and free from material error 7. Cost principle 8. FASB f. An examination of a company's financial statements and 9. Creditors records g. Has two or more owners (called partners) 10. SEC h. U.S. governmental agency that oversees the U.S. financial markets i. Type of entity that is designed to limit personal liability exposure of owners to the entity's debts j. Person or business lending money

1. Sole proprietorship a. Set of global accounting guidelines, formulated by the IASB 2. Faithful representation b. Holds that fair market value should not be used over 3. Partnership actual costs 4. IFRS c. Stands for Financial Accounting Standards Board 5. Corporation d. Owner is referred to as a proprietor 6. Audit e. Asserts that accounting information should be complete, neutral, and free from material error 7. Cost principle 8. FASB f. An examination of a company's financial statements and 9. Creditors records g. Has two or more owners (called partners) 10. SEC h. U.S. governmental agency that oversees the U.S. financial markets i. Type of entity that is designed to limit personal liability exposure of owners to the entity's debts j. Person or business lending money

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using accounting vocabulary

Consider the following accounting terms and definitions, and match each term to the definition:

1. Sole proprietorship a. Set of global accounting guidelines, formulated by the IASB 2. Faithful representation b. Holds that fair market value should not be used over 3. Partnership actual costs 4. IFRS c. Stands for Financial Accounting Standards Board 5. Corporation d. Owner is referred to as a proprietor 6. Audit e. Asserts that accounting information should be complete, neutral, and free from material error 7. Cost principle 8. FASB f. An examination of a company's financial statements and 9. Creditors records g. Has two or more owners (called partners) 10. SEC h. U.S. governmental agency that oversees the U.S. financial markets i. Type of entity that is designed to limit personal liability exposure of owners to the entity's debts j. Person or business lending money
Transcribed Image Text:1. Sole proprietorship a. Set of global accounting guidelines, formulated by the IASB 2. Faithful representation b. Holds that fair market value should not be used over 3. Partnership actual costs 4. IFRS c. Stands for Financial Accounting Standards Board 5. Corporation d. Owner is referred to as a proprietor 6. Audit e. Asserts that accounting information should be complete, neutral, and free from material error 7. Cost principle 8. FASB f. An examination of a company's financial statements and 9. Creditors records g. Has two or more owners (called partners) 10. SEC h. U.S. governmental agency that oversees the U.S. financial markets i. Type of entity that is designed to limit personal liability exposure of owners to the entity's debts j. Person or business lending money
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