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