198. 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...

198. 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 retained earnings.
____ 4. Balance sheet
____ 5. Objectivity principle
____ 6. 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.
f. A financial statement that reports the changes in retained earningsover the reporting period; including increases such as net income and for decreases such as dividends 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.