$1.$

Financial accounting is focused on the $\_\_\_\_\_\_\_\_\_\_$ financial statements of a company.

external

internal

$2.$

Financial statements report the fair market value of a company.

True

False

$3.$

Large corporations must follow the $\_\_\_\_\_\_\_\_\_\_$ basis of accounting.

$4.$

Corporations whose stock is publicly traded must have their financial statements $\_\_\_\_\_\_\_\_\_\_$ by independent certified public accountants.

$5.$

The U$.$S$.$ government agency with authority over the financial reporting requirements of publicly traded corporations is the $\_\_\_\_\_\_\_\_\_\_.$

AICPA

FASB

IRS

SEC

$6.$

The non$-$government organization that researches and develops new accounting standards is the $\_\_\_\_\_\_\_\_\_\_.$

AICPA

FASB

IRS

SEC

$7.$

The acronym for the common rules and standards that companies must follow when preparing its external financial statements is $\_\_\_\_\_\_\_\_\_\_.$

$8.$

SEC is the acronym for $\_\_\_\_\_\_\_\_\_\_.$

$9.$

FASB is the acronym for $\_\_\_\_\_\_\_\_\_\_.$

$10.$

GAAP is the acronym for $\_\_\_\_\_\_\_\_\_\_.$

$11.$

$\_\_\_\_\_\_\_\_\_\_-$entry bookkeeping will result in at least two accounts being involved in every transaction.