Match each of the numbered descriptions with the term or phrase it best reflects. Indicate your answer
D. Tax accounting
F. Public accountants
G. Net income
1. Amount a business earns after paying all expenses and costs associated with its sales and revenues.
2. An examination of an organization’s accounting system and records that adds credibility to financial statements.
3. Principles that determine whether an action is right or wrong.
4. Accounting professionals who provide services to many clients.
5. An accounting area that includes planning future transactions to minimize taxes paid.
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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