FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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I need help getting these matched, there is a solution on here but it is wrong
## Terminology Matching Continued ### Vocabulary and Definitions - **FASB** - Primary accounting standard-setting body for the U.S. - **Comparability** - Results when different organizations use the same accounting principles. - **Verifiable** - Independent observers, using the same methods, obtain similar results. - **Consistency** - Organization that uses the same accounting principles and methods from year to year. - **Free Cash Flow** - Net cash provided by operating activities after adjusting for capital expenditures and cash dividends paid. - **Chart of Accounts** - A list of names of an organization’s accounts. - **Double-Entry System** - A system that records the 2-sided effect of each transaction in appropriate accounts. - **Posting** - The procedure of transferring journal entry amounts to the ledger accounts. - **General Ledger** - Contains all assets, liabilities, stockholder's equity, revenue, and expense accounts. - **Journal** - An accounting record in which transactions are initially recorded in chronological order. ### Explanation The table above lists various accounting terms along with their corresponding definitions. These terminologies are crucial for understanding and applying accounting principles. The terms are foundational for financial reporting and analysis, ensuring clarity, accuracy, and consistency across different organizations and time periods. Acquiring knowledge of these terms will aid in comprehending accounting practices more efficiently.
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Transcribed Image Text:## Terminology Matching Continued ### Vocabulary and Definitions - **FASB** - Primary accounting standard-setting body for the U.S. - **Comparability** - Results when different organizations use the same accounting principles. - **Verifiable** - Independent observers, using the same methods, obtain similar results. - **Consistency** - Organization that uses the same accounting principles and methods from year to year. - **Free Cash Flow** - Net cash provided by operating activities after adjusting for capital expenditures and cash dividends paid. - **Chart of Accounts** - A list of names of an organization’s accounts. - **Double-Entry System** - A system that records the 2-sided effect of each transaction in appropriate accounts. - **Posting** - The procedure of transferring journal entry amounts to the ledger accounts. - **General Ledger** - Contains all assets, liabilities, stockholder's equity, revenue, and expense accounts. - **Journal** - An accounting record in which transactions are initially recorded in chronological order. ### Explanation The table above lists various accounting terms along with their corresponding definitions. These terminologies are crucial for understanding and applying accounting principles. The terms are foundational for financial reporting and analysis, ensuring clarity, accuracy, and consistency across different organizations and time periods. Acquiring knowledge of these terms will aid in comprehending accounting practices more efficiently.
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