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

a. An audit opinion that brings attention to special circumstances.

b. Accounting standards issued by FASB and used in the United States.

c. Auditing standards developed by the AICPA.

d. Issues accounting standards that are used in the United States.

e. An audit performed by an independent CPA.

f. An examination of the financial statements.

g. An accountant who is licensed to practice by one of the states.

h. Issues accounting standards that are utilized internationally.

i. An audit opinion that states that the financial statements are fairly presented.

j. International accounting standards issued by the IASB.

AppendixLO1