Asked by
Sharine Pemberton
on Nov 14, 2024
Verified
Which of the following statements concerning financial statement presentation is not a true statement?
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.
Financial Statement
A formal record of the financial activities and position of a business, person, or other entity, including balance sheet, income statement, etc.
Intangibles
Non-physical assets that have value, such as patents, trademarks, copyrights, and goodwill.
Footnotes
Additional information provided in financial statements to clarify numbers or add context for readers' comprehension.
- Comprehend the methods for accounting treatment and the display of intangible assets on financial statements.
Verified Answer
EB
Learning Objectives
- Comprehend the methods for accounting treatment and the display of intangible assets on financial statements.