1HOME WORK CHAPTER 1:Exercise 1: Match the terms with the definitions.a.Accountingb.Auditingc.Classifyingd.Corporatione.cost accountingf.generally accepted accounting principlesg.manufacturing businessh.merchandising businessi.partnershipj.recordingk.reportingl.service businessm.sole proprietorshipn.tax accounting1.A business that buys products to sell2.Procedures and guidelines developed by the Financial Accounting Standards Boardto be followed in the accounting and reporting process.3.Determining the cost of producing specific products or providing services andanalyzing for cost effectiveness4.A type of ownership structure in which stockholders own the business. The owners'risk is usually limited to their initial investment and they usually have very littleinfluence on the business decisions.5.Sorting and grouping similar items together rather than merely keeping a simple,diary-like record of numerous events.6.Reviewing and testing to be certain that proper accounting policies and practiceshave been followed.7.A system of gathering financial information about a business and reporting thisinformation to users.8.A type of ownership structure in which one person owns the business9.A business that provides a service.10.Entering financial information about events affecting the company into theaccounting system.11.A type of ownership structure in which more than one person owns the business.12.Telling the results of the financial information13.A business that makes products to sell.14.Focusing on tax planning, preparing tax returns, and dealing with the InternalRevenue Service and other governmental agencies.
