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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A: financial statement analysis project for introductory financial accounting consist of fallowing…

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Q: Explain generally accepted accounting principles (GAAPs).

A: GAAP stands for Generally accepted principles.

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A: GAAP:

Q: Define Financial Accounting Standards Board (FASB)

A:

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