ACG $2021$ Homework CH$1$

$1.$

Sole proprietorship

a$.$

Set of global accounting$$ guidelines, formulated by the IASB

$2.$

Faithful representation

b$.$

Holds that fair market value should not be used over actual costs

$3.$

Partnership

c$.$

Stands for Financial Accounting Standards Board

$4.$

IFRS

d$.$

Owner is referred to as a proprietor

$5.$

Corporation

e$.$

Asserts that accounting information should be$$ complete, neutral, and free from material error

$6.$

Audit

f$.$

An examination of a$$ company's financial statements and records

$7.$

Cost principle

g$.$

Has two or more owners$($called partners$)$

$8.$

FASB

h$.$

U$.$S$.$ governmental agency that oversees the U$.$S$.$ financial markets

$9.$

Creditors

i$.$

Type of entity that is designed to limit personal liability exposure of owners to$$ entity's debts

$10.$

SEC

j$.$

Person or business lending money