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