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

Question

Quizplus · Accepted Answer

Disclosing the balances of all individual assets from the subsidiary ledger in the notes is not practical or required. Only major classes of assets and their accumulated depreciation need to be disclosed.

Which of the Following Statements Concerning Financial Statement Presentation Is