Match the Following Terms with the Appropriate Definition

question 322

Multiple Choice

Match the following terms with the appropriate definition.
-Generally accepted accounting principles

• A)The governmental agency that has the legal authority to establish accounting rules.
• B)Prescribes that assets and services to be recorded initially on a cash or equal-to-cash basis.
• C)A report that describes a company's financial position at a point in time.
• D)A financial statement that reports the changes in equity over the reporting period; including increases from net income and decreases from dividends or net losses.
• E)The concepts and rules that govern financial accounting.
• F)A report that identifies cash receipts and cash payments over a period of time.
• G)A principle that requires the information in financial statements to be supported by independent unbiased evidence.
• H)An independent group consisting of individuals from many countries that identify preferred accounting practices.
• I)Presumes that the life of a company can be divided into periods for reporting purposes.
• J)Prescribes that a company report the details behind financial statements that would impact user decisions.

---

Definitions:

Accounts Receivable

Funds owed to a business for goods or services provided to customers.

Accounts Receivable

The outstanding invoices a company has or the money clients owe the company for goods or services already delivered or performed.

Future Date

A specified day in the future that is significant for an event, deadline, or appointment.

Intangible Property

Assets that cannot be physically touched, such as intellectual property, brand recognition, and copyrights.