| A | B |
|---|
| financial statements | Periodic reports prepared from accounting records are called |
| language of business | Many people call accounting the |
| recording, classifying | the accounting process involves _____summarizing, interpreting, and communicating financial information about an economic or social entity. |
| social entity | An economic entity is an organization whose major purpose is to produce a profit, whereas a(n)_____is a nonlporfit organization. |
| partnerships | The three types of business entities are sole proprietorships, _____, and corporation. |
| shares of stock | Ownership in a corporation is evidenced by _____. |
| stockholders or shareholders | Corporate owners are called _____. |
| IRS | The _____and other tax authorities are interested in financial information about a firm. |
| SEC | The _____was created to review and oversee the accounting methods of publicly owned corporations. |
| generally accepted accounting principles | _____are developed by the Financial Accounting Standards Board. |
| AICPA | The _____ is a national association of professional accountants. |
| AAA | The _____is an organization of accounting educators. |
| governmental accounting | The major areas of accounting are public accounting, managerial accounting and _____. |
| FBI | The IRS and the _____have large numbers of accountants on their staff and use them to uncover possible violations of the law. |
