Question

Consider the following accounting terms and definitions and match each term to the definition:
1. Sole proprietorship
2. Faithful representation
3. Partnership
4. IFRS
5. Corporation
6. Audit
7. Cost principle
8. FASB
9. Creditors
10. SEC
a. Set of global accounting guidelines, formulated by the IASB
b. Holds that fair market value should not be used over actual costs
c. Stands for Financial Accounting Standards Board
d. Owner is referred to as a proprietor
e. Asserts that accounting information should be complete, neutral, and free from material error
f. An examination of a company’s financial statements and records
g. Has two or more owners (called partners)
h. U. S. governmental agency that oversees the U. S. financial markets
i. Type of entity that is designed to limit personal liability exposure of owners to the entity’s debts
j. Person or business lending money



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  • CreatedJanuary 16, 2015
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