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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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EXERCISE 1-6

Purpose: (L.O. 1 thru 9) This exercise will quiz you about terminology used in this chapter.

A list of accounting terms with which you should be familiar appears below.

Accounting International Accounting Standards Board (IASB)
Assets International Financial Reporting Standards (IFRS)
*Auditing Liabilities
Balance sheet *Management consulting
Basic accounting equation Managerial accounting
Bookkeeping Monetary unit assumption
Common stock Net income
Corporation Net loss
Cost principle Owners' equity
Dividend Partnership
Economic entity assumption *Private (or managerial) accounting
Ethics Proprietorship
Expanded accounting equation *Public accounting
Expenses Relevance
Fair value principle Retained earnings statement
Faithful representation Revenues
Financial accounting Sarbanes-Oxley Act of 2002 (SOX)
Financial Accounting Standards Board (FASB) Securities and Exchange Commission (SEC)
*Forensic accounting Statement of cash flows
Generally accepted accounting principles Stockholders' equity
(GAAP) *Taxation
Income statement Transactions

*These items appear in the Appendix to Chapter 1 in the text.

Instructions

For each item below, enter in the blank the term that is described.

  1. _____________________________________The information system that identifies, records, and communicates the economic events of an organization to interested users.
  2. _____________________________________An accounting principle that states that ...

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