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:

Cognitive Schema

Mental structures that organize our knowledge, beliefs, and expectations based on past experiences.

Deep-Seated Belief

A strongly held conviction or principle that is deeply ingrained in an individual's thought patterns, often affecting behavior.

Developmental History

involves the comprehensive record of an individual's physical, emotional, and psychological development from birth to the current age, used often in psychological assessments.

Consequences

Outcomes or effects that result from a specific action or set of conditions.