Which of the following statements concerning financial statement presentation is NOT a true statement?
A) Intangible assets can be listed separately on the balance sheet.
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 long-lived asset ledger, should be disclosed in the footnotes.

Question

Quizplus · Accepted Answer

The balances of all individual assets, as they appear in the subsidiary long-lived asset ledger, do not need to be disclosed in the footnotes. Generally, financial statements provide summarized information rather than detailed listings of individual assets.

Which of the Following Statements Concerning Financial Statement Presentation Is