1. The governing body __________ is responsible for developing the US governing principles known as __________. a.) FASB; GAAP b.) IRS; IFRS c.) GASB; AICPA d.) SEC; GAO 2. Janice works part-time and her sole responsibility is to document all of the accounting events that take place. Janice's role is that of a(n) __________. a.) bookkeeper b.) auditor c.) accountant d.) controller 3. Which of the following scenarios correctly describes a non-profit organization? a.) Bernie is protected from liability for anything beyond his $5,000 investment. b.) Sally and her salon are treated the same from a legal perspective. c.) Mike's shoe store does not sell stocks that are publicly traded. d.) Lonnie uses the profits of his organization to advance its mission. 4. Which of the following statements describes assets? a.) The net worth of the business, including profits and investments b.) Business resources that are owned or that can be claimed by the owner c.) Business resources that are owned or can be claimed by others d.) The financial output incurred by a company to create profits 5. Kyle matched expenses with revenue earned in the current period. Kyle was completing the __________ phase of the accounting cycle. a.) adjusting b.) journalizing c.) analyzing d.) closing 2