Complete the Following Using the Terms Listed

question 58

Multiple Choice

Complete the following using the terms listed.
-A(n) _____ is anything of value owned or leased by a business.

• 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:

Thoughts

mental processes involving thinking, reasoning, or contemplating, often reflecting personal beliefs, opinions, or plans.

Brainstorming

A group creativity technique by which efforts are made to find a solution for a specific problem by gathering a list of ideas spontaneously contributed by its members.

Topic Sentence

A topic sentence is the first sentence in a paragraph that introduces the main idea or point that will be discussed throughout the paragraph.

Thunderstorm

A storm characterized by the presence of lightning and thunder, often accompanied by heavy rain or hail.