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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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SOLUTION TO EXERCISE 1-6

1. Accounting 23. Corporation
2. Cost principle 24. Partnership
3. Income statement 25. Proprietorship
4. Revenues 26. Bookkeeping
5. Expenses 27. Net loss
6. Basic accounting equation 28. Managerial accounting
7. Assets 29. Financial accounting
8. Liabilities 30. Public accounting
9. Owners' equity 31. Management consulting
10. Balance sheet 32. Taxation
11. Generally accepted accounting principles 33. Private (or managerial) accounting
12. Retained earnings statement 34. Auditing
13. Monetary unit assumption 35. Forensic accounting
14. Economic entity assumption 36. Common stock
15. Transactions 37. Fair value principle
16. Dividend 38. Faithful representation
17. Statement of cash flows 39. International Accounting Standards Board (IASB)
18. Ethics 40. Relevance
19. Financial Accounting Standards Board 41. Sarbanes-Oxley Act of 2002 (SOX)
20. Securities and Exchange Commission 42. Expanded accounting equation
21. Net income 43. International Financial Reporting Standards
22. Stockholders' equity

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