Footnotes to financial statements should not be used to
A) Describe the nature and effect of a change in accounting principles
B) Identify substantial differences between book and tax income
C) Correct an improper financial statement presentation
D) Indicate bases for valuing assets

Question

Quizplus · Accepted Answer

Footnotes to financial statements should not be used to correct an improper financial statement presentation. Such corrections should be made in the actual financial statements. The other options (A, B, and D) are appropriate uses of footnotes in financial statements.

Footnotes to Financial Statements Should Not Be Used to