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Match the Following Terms with the Appropriate Definition

Question 295

Matching

Match the following terms with the appropriate definition

Premises:
Generally accepted accounting principles
Time period assumption
Statement of owner's equity.
Balance sheet
Objectivity principle
Measurement (Cost) principle
Securities and Exchange Commission
IASB
Full disclosure principle
Statement of cash flows
Responses:
Prescribes that assets and services to be recorded initially on a cash or equal-to-cash basis.
A principle that requires the information in financial statements to be supported by independent unbiased evidence.
An independent group consisting of individuals from many countries that identify preferred accounting practices.
Presumes that the life of a company can be divided into periods for reporting purposes.
The concepts and rules that govern financial accounting.
A financial statement that reports the changes in equity over the reporting period; including increases such as owner investment and net income and for decreases such as owner withdrawals or net loss.
A report that identifies cash receipts and cash payments over a period of time.
Prescribes that a company report the details behind financial statements that would impact user decisions.
The governmental agency that has the legal authority to establish accounting rules.
A report that describes a company's financial position at a point in time.

Correct Answer:

Generally accepted accounting principles
Time period assumption
Statement of owner's equity.
Balance sheet
Objectivity principle
Measurement (Cost) principle
Securities and Exchange Commission
IASB
Full disclosure principle
Statement of cash flows
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