Match the Following Terms with Their Correct Definition

question 198

Short Answer

Match the following terms with their correct definition.
a.Account
f.Debit
b.Accounting cycle
g.Event
c.Chart of accounts
h.General ledger
d.Cost vs. benefit
i.Journal
e.Credit
j.Trial balance
-A collection of all the individual financial statement accounts that a company uses.

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Definitions:

Fair Value Measurement

An accounting approach that provides an estimate of the price at which an asset could be exchanged or a liability settled, based on current market conditions.

Financial Instruments

Contracts that give rise to both a financial asset of one entity and a financial liability or equity instrument of another entity, such as stocks, bonds, or derivatives.

FASB

The Financial Accounting Standards Board, which is responsible for establishing and improving financial accounting and reporting standards in the United States.

IASB

The International Accounting Standards Board, an independent body that establishes and approves accounting standards.