Accounting: What the Numbers Mean 9th Edition by Wayne W McManus, Daniel F Viele, David H Marshall

Exercise 16

Following is a list of the key terms and concepts introduced in the chapter, along with a list of corresponding definitions. Match the appropriate letter for the key term or concept to each definition provided (items 1–10). Note that not all key terms and concepts will be used.

a. Accounting	p. Generally accepted accounting principles
b. Entity	q. Internal auditing
c. Financial accounting	r. Securities and Exchange Commission
d. Bookkeeping	s. Financial Accounting Foundation
e. Certified Public Accountant	t. Financial Accounting Standards Board
f. Managerial accounting	u. Statements of Financial Accounting Standards
g. Cost accounting	v. Cost Accounting Standards Board
h. Certified Management Accountant	w. Governmental Accounting Standards Board
i. Auditing	x. Accrual accounting
j. Public accounting	y. Integrity
k. Certified Internal Auditor	z. Objectivity
l. Generally accepted auditing standards
m. Cash flows
n. Controller
o. Independence

________ Procedures that are used to keep track of an entity’s financial transactions and to accumulate the results of its operations.

Step 1 of 3

Accounting refers to the art of classifying, recording, summarizing the financial data which starts from passing of journal entry, then posting into corresponding ledgers and finally preparation of financial statements which contains profit and loss account, balance sheet, and cash flow statements.