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