16) Describe who needs information about a business and why they may need it.
17) Match the following terms with the appropriate definitions. Each term is to be used only once.
a.Audit
b.FASB
c.Certified Public Accountant (CPA)
d.Creditors
e.IASB
f.Internal Revenue Service (IRS)
g.XBRL
_____ 1.The governmental agency responsible for tax collection.
_____ 2.An independent examination of a company's financial statements and the accounting system that produced the statements.
_____ 3.Professional accountant, licensed by states to perform audits.
_____ 4.People and firms who lend money.
_____ 5.A group of professional business people, accountants, and scholars who have the responsibility of setting current accounting standards in the U.S.
_____ 6.A group of professional business people, accountants, and scholars who have the responsibility of setting current accounting standards internationally.
_____ 7. Standardized, interactive format used for filing reports with the SEC.
18) Match the following terms with the appropriate definitions. Each term is to be used only once.
a. Accounting period
b. Operating cycle
c. Expenses
d. Revenues
e. Dividends
_____ 1.A period beginning with cash, conversion of cash to inventory, sales of inventory, and receipt of cash from sales.
_____ 2.The amount a company has earned from providing goods or services to customers.
_____ 3.The costs incurred to generate revenue.
_____ 4.Distribution of earnings to the owners of the corporation.
_____ 5.Any length of time that a company uses to evaluate its performance.