An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization. To Match: To match the numbered descriptions with the term or phrases which reflect it best? Given Info: No Description Term/Phrase 1 An assessment of whether financial statements follow GAAP A Audit 2 Amount a business earns in excess of all expenses and costs associated with its sales and revenues B GAAP 3 A group that sets accounting principles in the United States C Ethics 4 Accounting professional who provide services to many clients D FASB 5 Principles that determines whether an action is right or wrong E SEC F Public Accountants G Net Income H IASB

Question

Please provide the solution to this financial accounting question using proper accounting principles.

Answer 1

Question

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

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Answer 2

Question

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

Expert Solution & Answer

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Answer 3

Question

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

Expert Solution & Answer

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Answer 4

Question

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

Expert Solution & Answer

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Answer 5

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

Answer 6

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

Answer 7

Chapter 1, Problem 4E

To determine

Introduction:

An owner of a business organization starts its business with a pure and primary objective of making profit. A profit is basically the difference between the revenues and the cost incurred during a period. It is also known as a net income of the business. There are many regulating authorities who monitor and regulate the activities of business organization to avoid any exploitation, corruption misrepresentation of financial information or illegal activities. Authorities like GAAP, FASB, and IASB sets the accounting principles and standards which aims at revealing true and accurate financial information to the interested parties of a business organization.

To Match:

To match the numbered descriptions with the term or phrases which reflect it best?

Given Info:

No Description Term/Phrase
1
An assessment of whether financial statements follow GAAP
A
Audit
2
Amount a business earns in excess of all expenses and costs associated with its sales and revenues
B
GAAP
3
A group that sets accounting principles in the United States
C
Ethics
4
Accounting professional who provide services to many clients
D
FASB
5
Principles that determines whether an action is right or wrong
E
SEC
F
Public Accountants
G
Net Income
H
IASB

Answer 8

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Answer 9

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Answer 13

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Answer 14

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Answer 15

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Answer 19

Ch. 1 - Prob. 1DQ Ch. 1 - Technology is increasingly used to process...Ch. 1 - Prob. 3DQ Ch. 1 - What are at least three questions business owners...Ch. 1 - Prob. 5DQ Ch. 1 - Describe the internal role of accounting for...Ch. 1 - Identify three type of services typically offered...Ch. 1 - Prob. 8DQ Ch. 1 - Why is accounting described as a service activity?Ch. 1 - What are some accounting-related professions?

No	Description		Term/Phrase
1	An assessment of whether financial statements follow GAAP	A	Audit
2	Amount a business earns in excess of all expenses and costs associated with its sales and revenues	B	GAAP
3	A group that sets accounting principles in the United States	C	Ethics
4	Accounting professional who provide services to many clients	D	FASB
5	Principles that determines whether an action is right or wrong	E	SEC
		F	Public Accountants
		G	Net Income
		H	IASB

Chapter 1 Solutions