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.

Question

Quizplus · Accepted Answer

The balances of all individual assets as they appear in the subsidiary plant ledger should not be disclosed in the footnotes as it would create information overload and not add significant value to the financial statements. Only material and significant information should be disclosed in the footnotes.

Which of the Following Statements Concerning Financial Statement Presentation Is