Which of the following statements concerning financial statement presentation is false? A)Intangibles may be reported separately. B)The balances of major classes of assets should be disclosed in the notes. C)The balances of the accumulated depreciation of major classes of assets should be disclosed in the notes. D)The balances of all individual assets, as they appear in the subsidiary ledger, should be disclosed in the notes.

Question

Quizplus · Accepted Answer

The statement that the balances of all individual assets, as they appear in the subsidiary ledger, should be disclosed in the notes is false. Financial statements typically summarize information rather than provide exhaustive details of all individual assets in the notes. Detailed listings of individual assets are more appropriately managed within a company's internal records rather than disclosed in the financial statement notes.

Which of the Following Statements Concerning Financial Statement Presentation Is