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

Question

Quizplus · Accepted Answer

It is not necessary to disclose the balances of all individual assets from the subsidiary plant ledger in the footnotes. Only significant information that affects the financial statements is typically disclosed.

Which of the Following Statements Concerning Financial Statement Presentation Is