Which of the following statements concerning financial statement presentation is not a true statement?

- The balances of all individual assets, as they appear in the subsidiary plant ledger, should be disclosed in the footnotes.

- The balances of major classes of assets may be disclosed in the footnotes.

- The balances of the accumulated depreciation of major classes of assets may be disclosed in the footnotes.

- Intangibles are reported separately under Intangible Assets.

Question

Katrina

Business

11 April, 11:39

Which of the following statements concerning financial statement presentation is not a true statement?

- The balances of all individual assets, as they appear in the subsidiary plant ledger, should be disclosed in the footnotes.

- The balances of major classes of assets may be disclosed in the footnotes.

- The balances of the accumulated depreciation of major classes of assets may be disclosed in the footnotes.

- Intangibles are reported separately under Intangible Assets.

+1

Answers (1)

Know the Answer?

Hailie · Answer 1

Answer: The correct answer is " - The balances of all individual assets, as they appear in the subsidiary plant ledger, should be disclosed in the footnotes.".

Explanation: - The balances of all individual assets, as they appear in the subsidiary plant ledger, should be disclosed in the footnotes. is not a True Statement because The balances of all individual assets must be disclosed in the statement of financial position.