Fill in the Blanks: Chapter One
1. ____________ Accounting is a set of concepts and techniques that are used to measure and report financial information about an economic unit.
2. ____________Managerial accounting involves reporting results of operating activity to administrators within an organization.
3. The private sector agency that currently oversees external financial reporting is the ____________Financial Accounting Standards Board (FASB).
7. ____________Income is the excess of a company's revenues over expenses for a given time period.
9. ____________Net income appears in both the income statement and the statement of retained earnings.