EXERCISES E1–1. Term or Abbreviation Definition J (1) SEC A system that collects and processes financial F (2) Audit information about an organization and reports that H (3) Sole proprietorship information to decision makers. E (4) Corporation Measurement of information about an entity in terms of A (5) Accounting the dollar or other national monetary unit. D (6) Accounting entity An unincorporated business owned by two or more I (7) Audit report persons. L (8) Publicly traded The organization for which financial data are to be C (9) Partnership collected (separate and distinct from its owners). K (10) FASB An incorporated entity that issues shares of stock as G (11) CPA evidence of ownership. B (12) Unit of measure An examination of the financial reports to ensure that M (13) GAAP they represent what they claim and conform with generally accepted accounting principles. Certified Public Accountant. An unincorporated business owned by one person. A report that describes the auditor’s opinion of the fairness of the financial statement presentations and the evidence gathered to support that opinion. Securities and Exchange Commission. Financial Accounting Standards Board. A company with stock that can be bought and sold by investors on established stock exchanges. Generally accepted accounting principles. E1–2. A Accounts receivable A Cash and cash equivalents R Net sales L Notes payable L Taxes payable SE Retained earnings E Cost of products sold E Marketing, administrative, and other operating expenses E Income taxes L Accounts payable A Land A Property, plant, and equipment L Long-term debt A Inventories
EXERCISES E1–1. Term or Abbreviation Definition J F H E A D I L C K G B M (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) SEC Audit Sole proprietorship Corporation Accounting Accounting entity Audit report Publicly traded Partnership FASB CPA Unit of measure GAAP A system that collects and processes financial information about an organization and reports that information to decision makers. Measurement of information about an entity in terms of the dollar or other national monetary unit. An unincorporated business owned by two or more persons. The organization for which financial data are to be collected (separate and distinct from its owners). An incorporated entity that issues shares of stock as evidence of ownership. An examination of the financial reports to ensure that they represent what they claim and conform with generally accepted accounting principles. Certified Public Accountant. An unincorporated business owned by one person. A report that describes the auditor’s opinion of the fairness of the financial statement presentations and the evidence gathered to support that opinion. Securities and Exchange Commission. Financial Accounting Standards Board. A company with stock that can be bought and sold by investors on established stock exchanges. Generally accepted accounting principles. E1–2. A Accounts receivable A Cash and cash equivalents R Net sales L Notes payable L Taxes payable SE Retained earnings E Cost of products sold E Marketing, administrative, and other operating expenses E Income taxes L Accounts payable A Land A Property, plant, and equipment L Long-term debt A Inventories
Solution-Manual-for-Financial-Accounting-8th-Edition-by-Libby.docx