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Match each of the descriptions with the term or phrase it best reflects.
A. Audit
B. GAAP
C. Ethics
D. Tax accounting
E. SEC
F. Public accountants
G. Net income
H. IASB
1. An assessment of whether financial statements follow GAAP.
2. Amount a business earns in excess of all expenses and costs associated with its sales and revenues.
3. A group that sets accounting principles in the United States.
4. Accounting professionals who provide services to many clients.
5. Principles that determine whether an action is right or wrong.

Respuesta :

Answer and Explanation:

The matching of the given descriptions with their term or phrase is presented below:

A. Audit = 1. An audit should be the process in which the review is done with respect to the financial statements whether it is as per the GAAP or not

C. Ethics = 5. Ethics refers to a principle in which it figured out what is wrong and what is right

F. Public accountants = 4 The public accountants are the accountants who provides the accounting services to various customers or clients

G. Net income = 2 It represents that the company earns revenue i.e. more than its expenss

H. IASB = 3 It refers to an accounting standard that is based on the principles of accounting for the United States

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