Complete the Following Using the Terms Listed Below

question 46

Multiple Choice

Complete the following using the terms listed below.
-______ is primarily responsible for evaluating, setting, or modifying the generally accepted accounting principles.

• A)Chartered Professional Accountant
• B)International Financial Reporting Standards
• C)Asset
• D)Liability
• E)owners' equity
• F)accounting equation
• G)balance sheet
• H)income statement
• I)Corruption of Foreign Public Officials Act
• J)accrual accounting
• K)open book management
• L)Budget
• M)GAAP
• N)AcSB
• O)profitability ratio
• P)International Accounting Standards Committee
• Q)liquidity ratios
• R)budget

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Definitions:

Bank Statement Adjustment

Modifications made to the balance of a bank account to reflect transactions or corrections not initially recorded.

Note Collected

The process of receiving payment on a promissory note or similar financial instrument.

Internal Control

Mechanisms implemented by a business to ensure the integrity of financial and accounting information and compliance with laws and regulations.

Control Procedures

Actions and activities that are implemented to prevent, detect, and correct inaccuracies and fraud in the financial statements.