Which of the following best describes the additional information that companies use to meet the requirements of full disclosure in financial statements?
A. Comments on the face of the financial statements, and schedules, tables, and narrative disclosures in notes to the financial statements.
B. Parenthetical comments or modifying comments placed on the face of the financial statements.
C. Supplemental schedules and tables that report more detailed information than is shown in the primary financial statements.
D. Disclosure notes conveying additional insights about company operations, accounting principles, contractual agreements, and pending litigation.
Answer: A
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Robin's home is in a state that has a $60,000 homestead exemption. Robin de-faults on a $120,000 debt that she owes to Suburban Mortgage Company. Robin's home is sold at auction for $160,000. Refer to Fact Pattern 26-1. If Suburban Mortgage recovers less than it is owed, it can realize the difference from A) any property that Robin owns
B) only exempt property that Robin owns. C) only nonexempt property that Robin owns. D) property that any other member of Robin's family owns.
The duration of a portfolio of bonds can be calculated as _______________.
A. the coupon weighted average of the durations of the individual bonds in the portfolio B. the yield weighted average of the durations of the individual bonds in the portfolio C. the value weighted average of the durations of the individual bonds in the portfolio D. averages of the durations of the longest- and shortest-duration bonds in the portfolio
On January 1, Year 1, Milton Manufacturing Company purchased equipment with a list price of $88,000. A total of $4,000 was paid for installation and testing. During the first year, Milton paid $6,000 for insurance on the equipment and another $2,200 for routine maintenance and repairs. Milton uses the units-of-production method of depreciation. Useful life is estimated at 100,000 units, and estimated salvage value is $8,000. During Year 1, the equipment produced 13,000 units. What is the amount of depreciation for Year 1?
A. $11,960 B. $12,740 C. $10,920 D. $11,700
Even for nonprofits, sooner or later there will be no organization without
A. ethical standards. B. good laws. C. the Employee Rule. D. customers. E. synergy focus.