Match each of the numbered descriptions 1 through 5 with the term or phrase it best reflects. Indicate your answer by writing the letter A through H for the term or phrase in the blank provided. A. Audit B. GAAP C. Ethics D. FASB 1. An assessment of whether financial statements follow GAAP. 2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues. 3. A group that sets accounting principles in the United States. 4. Accounting professionals who provide services to many clients. 5. Principles that determine whether an action is right or wrong.
Match each of the numbered descriptions 1 through 5 with the term or phrase it best reflects. Indicate your answer by writing the letter A through H for the term or phrase in the blank provided. A. Audit B. GAAP C. Ethics D. FASB 1. An assessment of whether financial statements follow GAAP. 2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues. 3. A group that sets accounting principles in the United States. 4. Accounting professionals who provide services to many clients. 5. Principles that determine whether an action is right or wrong.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Match each of the numbered descriptions 1 through 5 with the term or phrase it best reflects. Indicate your
answer by writing the letter A through H for the term or phrase in the blank provided.
A. Audit
B. GAAP
C. Ethics
D. FASB
1. An assessment of whether financial statements follow GAAP.
2. Amount a business earns in excess of all expenses and costs associated with its sales and
revenues.
3. A group that sets accounting principles in the United States.
4. Accounting professionals who provide services to many clients.
5. Principles that determine whether an action is right or wrong.
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