Which of the following disclosures is not required in the financial statements regarding depreciation?
A) Accumulated depreciation, either by major classes of depreciable assets or in total.
B) Details demonstrating how depreciation was calculated.
C) Depreciation expense for the period.
D) Balances of major classes of depreciable assets, by nature and function.

Question

Quizplus · Accepted Answer

The financial statements are required to disclose accumulated depreciation, depreciation expense for the period, and balances of major classes of depreciable assets, but they are not required to provide details demonstrating how depreciation was calculated.

Which of the Following Disclosures Is Not Required in the Financial