Chapter 6, Problem 12SE

Accounting terminology (Learning Objectives 1 & 4) 5-10 min.

Place the corresponding letter of the definition next to the term.

__________ 1. Unqualified opinion

__________ 2. Audit

__________ 3. IFRS

__________ 4. GAAP

__________ 5. External audit

__________ 6. CPA

__________ 7. FASB

__________ 8. Qualified opinion

__________ 9. IASB

__________ 10. GAAS

1. a. An audit opinion that brings attention to special circumstances
2. b. Accounting standards issued by FASB and used in the United States
3. c. Auditing standards developed by the AICPA
4. d. Issues accounting standards used in the United States
5. e. An audit performed by an independent CPA
6. f. An examination of the financial statements
7. g. An accountant licensed to practice by one of the states
8. h. Issues accounting standards utilized internationally
9. i. An audit opinion that states that the financial statements are fairly presented
10. j. International accounting standards issued by the IASB