Complete the Following Using the Terms Listed

Multiple Choice

Complete the following using the terms listed.
-The _____ was established to promote worldwide consistency in financial reporting practices.

A) certified public accountant
B) International Financial Reporting Standards
C) asset
D) liability
E) Owners' equity
F) accounting equation
G) balance sheet
H) income statement
I) Sarbanes-Oxley Act (SOX)
J) accrual accounting
K) open book management
L) budget
M) generally accepted accounting principles (GAAP)
N) Financial Accounting Standards Board (FASB)
O) profitability ratios
P) International Accounting Standards Committee (IASC)
Q) Leverage ratios
R) management accountant