Audit:
An audit is an activity performed by the auditor. An Auditor is one who checks the books of accounts of the company and gives remark on it. By his professional qualification he provides service to the society.
General Accepted Accounting Principles (GAAP):
This contains the accounting principle generally used in every corporation. This is based on the economic condition of country and differs from one country to another.
Ethics:
Ethics are the moral value that a person has to follow in society. Ethics are the principle that provides the knowledge of what is right, and what is wrong. Ethics definition is not same for every person, means one activity is right to one person but wrong in the eyes of another. Ethics depend on the human behavior and habits of the individual.
Tax Accounting:
The accounting in the context of tax is tax accounting. It is the branch of accounting. The tax accounting professional provides services to their clients related to the calculation of tax, filing of tax returns and other.
Securities and Exchange Commission (SEC):
The SEC is the independent body of the US. It is responsible for the maintenance of the function of the security market, protects the rights of investors and other responsibilities.
Public Accountant:
A public accountant is a certified accountant who provides services related to accounting to the clients. After completing the qualification, one has to take license to serve the public. They have to follow some code of ethics in practice. They provide assurance, financial accounting, tax filling, tax planning, management consulting and many more services to their clients.
Net Income:
Total earning of the company is called net income of the company. When the total expense deducted from the total revenue than the resultant is net income or ne loss.Net profit of the company is also called net profit. The investor can take a decision on the basis of net income of the company. If net income is more the investor attract to the company.
International Accounting Standards Board (IASB):
It is the independent body that makes standards for the company. It is set up by the International Financial Reporting Standards (IFRS).
To identify: The term that matches the given description
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Chapter 1 Solutions
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- Smith Corporation uses direct labor hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor hours were 24,500 hours, and the total estimated manufacturing overhead was $490,000. At the end of the year, actual direct labor hours for the year were 24,200 hours, and the actual manufacturing overhead for the year was $495,000. Overhead at the end of the year was: a. $16,500 overapplied b. $14,800 underapplied c. $11,000 underapplied d. $10,500 underappliedarrow_forwardThe Blue Jay Corporation has annual sales of $5,200, total debt of $1,500, total equity of $2,800, and a profit margin of 8 percent. What is the return on assets? a. 8.50 percent b. 10.55 percent c. 9.67 percent d. 7.89 percent e. 12.22 percent.Answer this questionarrow_forwardUnder absorption costing, the fixed overhead deferred in ending inventory?arrow_forward
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