Complete the Following Using the Terms Listed

question 18

Multiple Choice

Complete the following using the terms listed.
-A financial record of a company's revenues,expenses,and profits over a specific period of time is called the _____.

• 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:

Interacting Group

A collection of individuals who are in direct contact and communicate with each other to achieve a common goal.

Excessive Amounts

Quantities or volumes beyond what is considered normal, necessary, or reasonable.

Financial Benefit

The economic gain obtained from an investment or business activity after accounting for all costs.

Best Advantage

The optimal utilization of resources, strategies, or circumstances to achieve the greatest benefit or competitive edge.