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