Possible answers:

• Audit
• Ethics
• FASB
• GAAP
• IASB
• Net income
• Public accountants
• SEC

Match each of the descriptions with the term or phrase it best reflects. Description 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. 3. A group that sets accounting principles in the United States. 4. A collection of accounting rules and concepts set by the FASB. 5. A government agency that enforces proper use of GAAP. Term or Phrase Net income Ethics FASB