Which of the following statements concerning financial statement presentation is false?
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 accounting records should be disclosed in the footnotes.

Question

Quizplus · Accepted Answer

The balances of all individual assets as they appear in the accounting records do not need to be disclosed in the footnotes. Instead, financial statements typically report summary information for major classes of assets, such as property, plant, and equipment, and intangible assets. Disclosure of individual assets would be cumbersome and unnecessary for users of the financial statements.

Which of the Following Statements Concerning Financial Statement Presentation Is