Identify the accounting terms, definitions, assumptions, and principles that best apply to each of the following situations:

a. An independent federal agency protecting the interests of investors, regulating stock markets, and ensuring a company’s compliance with GAAP requriements for reporting its financial statements.

b. Assumption that a business will continue to operate in the foreseeable future.

c. Also known as the historical cost principle, where the assets, liabilities, and equity of the company are recorded at their original cost.

d. Standards, procedures, and principles that companies must follow while preparing their financial statements.

e. A business only reports activities on financial statements that are specifically related to the company’s operation, not any activities that affect the owner personally.

f. Information reported in financial statements should be free from error, bias, and should be complete.
g. The system of using a monetary unit, such as the US dollar, to value business transactions.
h. A company in which a member is only liable for his or her own actions.
i. The simplest business form that is not a legal entity and is owned and run by a person.
j. An independent examination of accounting and financial statements to determine if they conform to the law and GAAP or IFRS.