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1) 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. Income statement 6. Measurement (Cost) principle I 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. Describes a company's revenues and expenses and computes net income or loss over a period of time. 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 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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