Match the following definitions with terms 1 through 8. Place the letter that identifies the best definition in the blank space next to the term.____ 1. Generally accepted accounting principles____ 2. Time period assumption____ 3. Statement of owner's equity____ 4. Balance sheet____ 5. Income statement____ 6. Measurement (Cost) principle____ 7. Securities and Exchange Commission____ 8. IASB____ 9. Full disclosure principle____10. Statement of cash flowsa. Prescribes that assets and services to be recorded initially on a cash or equal-to-cash basis.b. Describes a company's revenues and expenses and computes net income or loss over a period of time.c. An independent group consisting of individuals from many countries that identify preferred accounting practices.d. Presumes that the life of
a company can be divided into periods for reporting purposes.e. The concepts and rules that govern financial accounting.f. A financial statement that reports the changes in equity over the reporting period; including increases such as owner investment and net income and for decreases such as owner withdrawals or net loss.g. A report that identifies cash receipts and cash payments over a period of time.h. Prescribes that a company report the details behind financial statements that would impact user decisions.i. The governmental agency that has the legal authority to establish accounting rules.j. A report that describes a company's financial position at a point in time.
What will be an ideal response?
1. E; 2. D; 3. F; 4. J; 5. B; 6. A; 7. I; 8. C; 9. H; 10. G
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Answer the following statement true (T) or false (F)
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