Match each of the descriptions with the term or phrase it best reflects.

A. Audit

B. GAAP

C. Ethics

D. FASB

E. SEC

F. Public accountants

G. Net income

H. IASB

1. An assessment of whether financial statements follow GAAP.

2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues.

3. A group that sets accounting principles in the United States.

4. Accounting professionals who provide services to many clients.

5. Principles that determine whether an action is right or wrong.