Description Term or Phrase

$1.$ Amount a business earns in excess of all expenses and costs associated with its sales and revenues.

$2.$ Principles that determine whether an action is right or wrong. Ethics

$3.$ A group that sets accounting principles in the United States. FASB

$4.$ A collection of accounting rules and concepts set by the FASB. GAAP

$5.$ A government agency that enforces proper use of GAAP. SEC