Match the Following Definitions with Terms 1 Through 8 $$110$$

question 59

Short Answer

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. Objectivity principle
____ 6. Measurement (Cost) principle
____ 7. Securities and Exchange Commission
____ 8. IASB
____ 9. Full disclosure principle
____ 10. Statement of cash flows
a. Prescribes that assets and services to be recorded initially on a cash or equal-to-cash basis.
b. A principle that requires the information in financial statements to be supported by independent unbiased evidence.
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.
$$110$$ $$\text { Copyright@ McGraw-Hil Education.All rights re sened. No reproduction or distribution without the prior wrikten consent of McGraw-Hill Education. }$$ 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.

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Definitions:

Communication

The process of transferring information, meanings, and understanding from one entity or group to another through the use of mutually understood signs and semiotic rules.

Schizophrenia

A long-term, serious mental illness marked by altered thoughts, feelings, communication, self-identity, and actions.

Psychosis

A mental disorder characterized by a disconnection from reality, which may involve delusions, hallucinations, incoherent speech, and disorganized behavior.