Notes are an integral part of the financial statements because they contain information needed for fair presentation of the basic financial statements that is not displayed on the face of the statements.

Question

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Notes contain information needed for fair presentation of the basic financial statements that is not displayed on the face of the statements. They, therefore, are an integral part of the financial statements, as indicated by the notation "See accompanying notes" at the bottom of each statement.

Notes Are an Integral Part of the Financial Statements Because