Complete the Following Using the Terms Listed

question 14

Multiple Choice

Complete the following using the terms listed.
-The _____ was established to promote worldwide consistency in financial reporting practices.

• 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)Sarbanes-Oxley Act (SOX)
• 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

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Definitions:

Free Flow

The unrestricted movement or circulation of goods, services, people, and information within a system or area.

Goods and Services

Products and activities provided by businesses to satisfy the needs or wants of consumers.

Joint Venture Partners

Entities that come together to engage in a specific business venture, sharing both the profits and risks.

Customer Needs

Represents the desires or requirements of consumers that businesses aim to fulfill with their products or services.