Homework Answers
Answer:
| 1. Sole proprietorship | d. Owner is referred to as a proprietor |
| 2. Faithful representation | e. Asserts that accounting information should be complete neutral and free from any error |
| 3. Partnership | g. Has two or more owners ( called partner) |
| 4.IFRS | a. Set of global accounting guidelines, formulated by the IASB |
| 5. Corporation | I. Type of entity that is designed to limit personal liability exposures of owners to entity's debt |
| 6. Audit | f. An examination of a company's financial statement and record |
| 7. Cost principle | b. Holds that fair market value should not be used over actual cost |
| 8. FASB | c. Stands for financial accounting standard board |
| 9. Creditors | j. Person or business lending money |
| 10.SEC | h. US governmental agencies that oversees the US financial market |
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