Exercise 1-4 Learning the language of business \ C1 2 Match each of the descriptions with the term or phrase it best reflects. A. Audit B. GAAP C. Ethics D. FASB E. SEC F. Public accountants G. Net income H. IASB Exercise 1-2 Identifying accounting us and uses C1 Part A. Identify the following questions as most likely to be asked by an Internal user or an External user of accounting information. 1. Which inventory items are out of stock? 2. Should we make a five-year loan to that business? 3. What are the costs of our product's ingredients? 4. Should we buy, hold, or sell a company's stock? 5. Should we spend additional money for redesign of our product? 6. Which firm reports the highest sales and income? 7. What are the costs of our service to Exercise 1-4 Learning the language of business \ C1 2 Match each of the descriptions with the term or phrase it best reflects. A. Audit B. GAAP C. Ethics D. FASB E. SEC F. Public accountants G. Net income H. IASB Exercise 1-2 Identifying accounting us and uses C1 Part A. Identify the following questions as most likely to be asked by an Internal user or an External user of accounting information. 1. Which inventory items are out of stock? 2. Should we make a five-year loan to that business? 3. What are the costs of our product's ingredients? 4. Should we buy, hold, or sell a company's stock? 5. Should we spend additional money for redesign of our product? 6. Which firm reports the highest sales and income? 7. What are the costs of our service to