Listed Below Are Ten Organizations Followed by a List of Phrases

question 135

Multiple Choice

Listed below are ten organizations followed by a list of phrases that describe or characterize the organizations. Match each phrase with the correct organization.
-AICPA

• A)FASB's predecessor.
• B)Primary national organization of accountants working in industry.
• C)Regulates the financial reporting for public companies.
• D)The FASB's parent organization.
• E)National organization of certified public accountants.
• F)Sets accounting standards in the United States.
• G)Provides timely responses to financial reporting issues.
• H)Advises the FASB
• I)Sets global accounting standards.
• J)Establishes auditing standards in the US for public companies.

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Definitions:

Net Income

Net income refers to the total earnings of a company once all costs, taxes, and expenses have been deducted from the overall revenue.

Retirement

The act of leaving one's job and ceasing to work, typically upon reaching a certain age or for health reasons.

Capital Balances

The amount of capital that remains in a partnership or firm after liabilities have been accounted for, representing the owners' equity.

Partnership Assets

Assets owned by a partnership, representing the investment and contributions of the partners.