2. Notes to financial statements a. Must be quantifiable. b. Must qualify as an element.: c. Amplify items presented in the financial statements. d. All of the choices are correct 3. Which is a method of disclosing pertinent information? a. Supporting schedule b. Parenthetical explanation c. Cross reference and contra item d. All of these are methods of disclosing pertinent information 4. The disclosure of accounting policies is important to financial statement users in determining a. Net income for the year. b. Whether accounting policies are consistently applied from year to year. c. The value of obsolete goods in ending inventory. d. Whether the working capital position is adequate. 5. The standard of full disclosure is best described by which of the following? a. All information related to operating objectives must be disclosed in the financial statements. b. Information about each açcount balance appearing in the financial statements is included in the notes. C. Enough information should be disclosed in order that a prospective investor can make a wise decision;. d. Disclosure of any financial facts significant enough to: influence the judgment of a primary user.

2. Notes to financial statements a. Must be quantifiable. b. Must qualify as an element.: c. Amplify items presented in the financial statements. d. All of the choices are correct 3. Which is a method of disclosing pertinent information? a. Supporting schedule b. Parenthetical explanation c. Cross reference and contra item d. All of these are methods of disclosing pertinent information 4. The disclosure of accounting policies is important to financial statement users in determining a. Net income for the year. b. Whether accounting policies are consistently applied from year to year. c. The value of obsolete goods in ending inventory. d. Whether the working capital position is adequate. 5. The standard of full disclosure is best described by which of the following? a. All information related to operating objectives must be disclosed in the financial statements. b. Information about each açcount balance appearing in the financial statements is included in the notes. C. Enough information should be disclosed in order that a prospective investor can make a wise decision;. d. Disclosure of any financial facts significant enough to: influence the judgment of a primary user.

Name: Problem 3-3 Multiple choice (IAA), Which statement is incorrect regar
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Description: Problem 3-3 Multiple choice (IAA), Which statement is incorrect regarding notes to financialstatements?a. IFRS requires specific note disclosures includingdisaggregation of inventories.b. IFRS requires a maturity analysis for receivables.IFRS requir

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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