Examlex
Match the following terms with their definitions.
-Principal
Defined Benefit Pension Plan
A defined benefit pension plan is a retirement plan where the employer promises a specified pension payment upon retirement, based on an algorithm involving salary, age, and years of service.
GAAP
Generally Accepted Accounting Principles, a set of rules and standards used in financial reporting and accounting.
Conceptual Framework
An analytical structure used to make the complex interrelationships among financial concepts, objectives, and standards more understandable and coherent.
Accounting Elements
Fundamental categories in financial accounting that include assets, liabilities, equity, revenue, and expenses.
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