Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 2 - Conceptual Framework for Financial Reporting - Review and Practice - Bridge to the Profession - Codification Research Case - Page 74: c

Answer

Articulation, in the context of financial statements, refers to uniformity and confirmable correctness of entries. To elaborate, the amount used to reflect changes in net assets should be used as figures in the financial position statement. The figures should be in agreement; there should be no deviations ("FASB, 958-220-45-2").

Work Step by Step

Articulation, in the context of financial statements, refers to uniformity and confirmable correctness of entries. To elaborate, the amount used to reflect changes in net assets should be used as figures in the financial position statement. The figures should be in agreement; there should be no deviations ("FASB, 958-220-45-2").
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