Which of the following is NOT a method of disclosing additional information in the financial statements?
A) supporting schedules
B) parenthetical explanations
C) cross-reference and contra items
D) press releases

Question

Quizplus · Accepted Answer

Press releases are not a method of disclosing additional information in the financial statements. They are a means of providing information outside of the financial statements, such as to shareholders or to the media. Choices A, B, and C are all methods of disclosing additional information within the financial statements. Supporting schedules provide additional detail to support the amounts reported in the financial statements, parenthetical explanations provide additional information within the body of the financial statements, and cross-reference and contra items highlight related information elsewhere in the financial statements.

Which of the Following Is NOT a Method of Disclosing