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Match the Following Terms with Definitions

Question 258

Question 258

Matching

Match the following terms with definitions.

Premises:

Responses:

Balance sheet

A principle that requires the information in financial statements to be supported by independent unbiased evidence.

Time period assumption

A report that describes a company's financial position at a point in time.

Full disclosure principle

The governmental agency that has the legal authority to establish accounting rules.

Objectivity principle

Prescribes that a company report the details behind financial statements that would impact user decisions.

Securities and Exchange Commission

A financial statement that reports the changes in retained earnings over the reporting period; including increases such as net income and for decreases such as dividends or net loss.

IASB

Prescribes that assets and services to be recorded initially on a cash or equal-to-cash basis.

Generally accepted accounting principles

Presumes that the life of a company can be divided into periods for reporting purposes.

Statement of retained earnings.

A report that identifies cash receipts and cash payments over a period of time.

Cost principle

The concepts and rules that govern financial accounting.

Statement of cash flows

An independent group consisting of individuals from many countries that identify preferred accounting practices.

Premises:

Balance sheet

Time period assumption

Full disclosure principle

Objectivity principle

Securities and Exchange Commission

IASB

Generally accepted accounting principles

Statement of retained earnings.

Cost principle

Statement of cash flows

Responses:

A principle that requires the information in financial statements to be supported by independent unbiased evidence.

A report that describes a company's financial position at a point in time.

The governmental agency that has the legal authority to establish accounting rules.

Prescribes that a company report the details behind financial statements that would impact user decisions.

A financial statement that reports the changes in retained earnings over the reporting period; including increases such as net income and for decreases such as dividends or net loss.

Prescribes that assets and services to be recorded initially on a cash or equal-to-cash basis.

Presumes that the life of a company can be divided into periods for reporting purposes.

A report that identifies cash receipts and cash payments over a period of time.

The concepts and rules that govern financial accounting.

An independent group consisting of individuals from many countries that identify preferred accounting practices.

Correct Answer:

Premises:

Responses:

Balance sheet

Time period assumption

Full disclosure principle

Objectivity principle

Securities and Exchange Commission

IASB

Generally accepted accounting principles

Statement of retained earnings.

Cost principle

Statement of cash flows

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