In addition to the balance sheet,the income statement,and the statement of cash flows,a complete set of financial statements must include:
A)an auditor's opinion.
B)a ten-year summary of operations.
C)a note disclosure of such items as accounting policies.
D)historical common-size (percentage)summaries.
E)a list of corporate officers.

Question

Quizplus · Accepted Answer

A note disclosure of accounting policies is necessary in order to provide clarity and transparency to stakeholders regarding the company's financial reporting practices. This information should be included as part of a complete set of financial statements. The other options listed are not required components of a complete set of financial statements.

In Addition to the Balance Sheet,the Income Statement,and the Statement