1 - Conceptual Framework Flashcards
1
Q
What is regulation S-K used for?
A
Instructions for filing the nonfinancial statement forms required by the SEC.
Act of 1933
S-K = instruct
2
Q
What is regulation S-X used for?
A
Information regarding the financial statements that must be submitted to the SEC.
S-X = FS
3
Q
What does articulation mean for financial statements?
A
The financial statements are fundamentally interrelated.
Achieved in two ways:
- Beg Bal changes = Ending Balance
- A = L + SE
4
Q
How is equity defined related to a business entity?
A
Total assets less total liabilities
