Use the Following Two Columns of Items to Answer the Matching

question 13

Short Answer

Use the following two columns of items to answer the matching questions below:
-unsecured loan
A)disclosure of information including a balance sheet and cash flow statement
B)a contract that specifies the terms of the loan agreed to by the borrower and lender
C)loan that is not backed by collateral
D)life or duration of a loan

• A)disclosure of information including a balance sheet and cash flow statement
• B)a contract that specifies the terms of the loan agreed to by the borrower and lender
• C)loan that is not backed by collateral
• D)life or duration of a loan

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Definitions:

FASB

The Financial Accounting Standards Board, an organization responsible for setting accounting and financial reporting standards in the U.S.

Financial Reporting

The act of crafting disclosures that communicate an entity's monetary position to its administration, investors, and the state.

IASB Standard

International Accounting Standards Board standards are principles that guide financial reporting and are used internationally to ensure transparency and comparability.

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a framework of accounting standards, procedures, and rules used by companies to prepare financial statements.