Match each of the descriptions with the term or phrase it best reflects Description 1. Examines whether financial statements are prepared using GAAP does not ensure absolute accuracy of the statements 2 Procedures set up to protect company property and equipment, ensure reliable accounting, promote efficiency, and encourage adherence to policies 3 Beliefs that distinguish right from wrong 4 Aless expensive and more effective means to stop fraud Three factors push a person to commit fraud: opportunity, pressure, and rationalization Requires the DEC to pay whistlebloe 7 Requires documentation and verification of internal controls and increases emphasis on internal control effectiveness Term or Phrase Audit Dodd-Frank Act Ethics Fraud triangle Internal controls Prevention Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. Description a. Harvey and Louis own NYC Law. Harvey and Louis are jointly liable for partnership debts. Business Organization b. Physio Products does not pay income taxes and has one owner. The owner has unlimited lability for business debt Oscar, Angela, and Kevin own Accounting Solutions. The business has an indefinite sfe and pays an additional business income tax. dBC Services does not have separate legal existence apart from the one person who owns e. AJ Company pays a business income tax and has two owners L Sansa and John own Snow Removal Services. The business does not pay an additional business income tax and the business has an indefinite life. 9. Miguel is the sole owner of Derr Homes. Miguel is personally liable for Derr Home's debt. h. Jeffy Auto is a separate legal entity from its owner, but it does not pay a business income tax Corporation Limited liability company Partnership Sole proprietorship Check my work mework Saved Select a transaction that effects the accounting equation as follows: a Effects The owner invests cash in the business in exchange for its common stock b. The company pays cash toward an account payable. The company purchases supplies for cash d. The company purchases supplies on credit The company pays cash dividends to shareholders f. The company purchases equipment for cash. Transaction Decreases an asset and decreases a liability. Decreases an asset and decreases equity. Increases an asset and decreases an asset. Increases an asset and increases a liability. Increases an asset and increases equity, Help Save & Exit Submit Check my work ces As of December 31, 2019, Armani Company's financial records show the following items and amounts. Check my work Cash $11,400 Accounts receivable 10,400 Supplies 7,400 Equipment 6,400 Accounts payable 13,000 Common stock 15,400 Retained earnings, Dec. 31, 2018 4,400 Retained earnings, Dec. 31, 2019 6,400 Dividends 14,400 Consulting revenue 35,000 Rental revenue 24,000 Salaries expense 21,400 Rent expense 13,400 Selling and administrative expenses 9,400 Required: Prepare a year-end statement of retained earnings for Armani Company. ARMANI COMPANY Statement of Retained Earnings For Year Ended December 31, 2019 Retained earnings, December 31, 2018 Retained earnings, December 31, 2019