Matching Pairs Accounting Financial TermsOnline version Vocab Review by Sylvia Duran 1 owner's equity 2 balance sheet 3 FASB 4 GAAP 5 income statement 6 financial accounting 7 accounting 8 statement of cash flows 9 liabilities 10 activity based costing 11 assets 12 fixed costs 13 horizontal analysis costs that remain the same when the level of production changes within some relevant range a technique to assign product costs based on links between activities that drive costs and the production of specific products the claims a firm's owners have against their company's assets generally accepted accounting principles the financial statement that reports the revenues, expenses, and net income that resulted from a firm's operations over an accounting period the branch of accounting that prepares financial statements for use by owners, creditors, suppliers, and other external stakeholders a financial statement that reports the financial position of a firm by identifying and reporting the value of the firm's assets. liabilities, and owner's equity the financial statement that identifies a firm's sources and uses of cash in a given accounting period resources owned by a firm analysis of financial statements that compares account values reported on these statements over two or more years to identify changes and trends claims that outsiders have against a firm's assets a system for recognizing, organizing, analyzing, and reporting information about the financial transactions that affect an organization Financial Accounting Standards Board
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