MATCHING
Complete the following using the terms listed.
-The _____ is a statement of a firm's financial position on a particular date.
A)certified public accountant
B)International Financial Reporting Standards
C)asset
D)liability
E)Owners' equity
F)accounting equation
G)balance sheet
H)income statement
I)Foreign Corruption Practices Act
J)accrual accounting
K)open book management
L)budget
M)generally accepted accounting principles (GAAP)
N)Financial Accounting Standards Board (FASB)
O)profitability ratios
P)International Accounting Standards Committee (IASC)
Q)Leverage ratios
r
management accountant

Question

Quizplus · Accepted Answer

The balance sheet is the statement of a firm's financial position on a particular date.

Answer: C, D, E
 Assets, liabilities, and owners' equity are the three main components of the balance sheet.

Answer: F
 The accounting equation represents the relationship between a company's assets, liabilities, and owners' equity.

Answer: H
 The income statement shows a company's revenue, expenses, and net income or loss over a period of time.

Answer: M, N
 Generally accepted accounting principles (GAAP) are the set of standards and guidelines for financial reporting in the United States, established by the Financial Accounting Standards Board (FASB).

Answer: A, R
 A certified public accountant is a professional who is licensed to provide accounting services to the public, while a management accountant is a professional who works within a company to provide financial analysis and planning.

Answer: B, P
 The International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Committee (IASC).

MATCHING Complete the Following Using the Terms Listed