Matching Definitions with Terms or Abbreviations
Match each definition with its related term or abbreviation by entering the appropriate letter in the space provided.
Term or Abbreviation | Definition | |||
____ | (1) | SEC | A. | A system that collects and processes financial information about an organization and reports that information to decision makers. sion |
____ | (2) | Audit | ||
____ | (3) | Sole proprietorship | ||
____ | (4) | Corporation | B. | Measurement of information about an entity in the monetary unit—dollars or other national currency. |
____ | (5) | Accounting | ||
____ | (6) | Accounting entity | C. | An unincorporated business owned by two or more persons. |
____ | (7) | Audit report | D. | The organization for which financial data are to be collected (separate and distinct from its owners). |
____ | (8) | Cost principle | ||
____ | (9) | Partnership | E. | An incorporated entity that issues shares of stock as evidence of ownership. |
____ | (10) | FASB | ||
____ | (11) | CPA | F. | Initial recording of financial statement elements at acquisition cost. |
____ | (12) | Unit of measure | ||
____ | (13) | GAAP | G. | An examination of the financial reports to ensure that they represent what they claim and conform with generally accepted accounting principles. |
____ | (14) | Publicly traded | ||
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| H. | Certified public accountant. |
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| I. | An unincorporated business owned by one person. |
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| J. | A report that describes the auditor's opinion of the fairness of the financial statement presentations and the evidence gathered to support that opinion. |
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| K. | Securities and Exchange Commission. |
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| L. | Financial Accounting Standards Board. |
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| M. | A company with stock that can be bought and sold by investors on established stock exchang es. |
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| N. | Generally accepted accounting principles. |
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