Matching Pairs Accounting Financial TermsOnline version Vocab Review by Sylvia Duran 1 GAAP 2 financial accounting 3 income statement 4 liabilities 5 statement of cash flows 6 balance sheet 7 owner's equity 8 activity based costing 9 fixed costs 10 assets 11 FASB 12 accounting 13 horizontal analysis 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 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 generally accepted accounting principles 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 a system for recognizing, organizing, analyzing, and reporting information about the financial transactions that affect an organization a technique to assign product costs based on links between activities that drive costs and the production of specific products costs that remain the same when the level of production changes within some relevant range 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 Financial Accounting Standards Board
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