Question

choices are: audit, ethics, FASB, GAAP, IASB, net income, public accountants, SEC

Exercise 1-4 Learning the language of business LO C1, C2, C3 Match each of the descriptions with the term or phrase it best reflects. Term or Phrase Jewe Description 1. A collection of accounting rules and concepts set by the FASB 2. Principles that determine whether an action is right or wrong 3. A government agency that enforces proper use of GAAP. Accounting professionals who provide services to many clients. 5. Amount a business earns in excess of all expenses and costs associated with its sales and revenues.

Answer 1

Ans 1 GAAP

Ans 2 Ethics

Ans 3 SEC

Ans 4 Public accountant's

Ans 5 Net income

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