Chapter 1, Problem 4E

Match each of the numbered descriptions I 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
E. SEC
F. Public accountants
G. Net income
H. IASB

1. Assesses if 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 U.S.
4. Accounting professionals who provide services to many clients.
5. Principles that determine whether an action is right or wrong.