What happened to assets, earnings, dividends, and cash flows during the financial year? Accounting practice in the United States follows the generally accepted accounting principles (GAAP) developed by the Financial Accounting Standards Board (FASB), which is a nongovernmental, professional standards body that monitors accounting practices and evaluates controversial issues. The Securities and Exchange Commission (SEC) requires all publicly traded companies to periodically report their financial information. A publicly held corporation must publish an annual report that contains the balance sheet, income statement, statement of cash flows, statement of retained earnings, and other financial information for analysis. The following table lists descriptions of the major financial statements and reports that a firm publishes. Identify the correct statement or report for each description. Description Statement or Report Is published once a year and provides stockholders with details [ about the company's performance and financial condition Provides a quantitative summary of a company's assets, liabilities, and net worth at a specific point in time Explains the changes in a company's retained earnings over the accounting year Is divided into two important parts: operating and javascript:onClickProblemSetitem(Jaf/serviet/quiz?quiz action takeQuiz&quiz p