Which of the following statements regarding footnotes to the financial statements is FALSE() A: Footnotes provide information about assumptions and estimates used by management. B: Footnotes may disclose what types of accounting methods are being used. C: Some supplementary schedules are audited whereas footnotes are not audited.
Which of the following statements regarding footnotes to the financial statements is FALSE() A: Footnotes provide information about assumptions and estimates used by management. B: Footnotes may disclose what types of accounting methods are being used. C: Some supplementary schedules are audited whereas footnotes are not audited.
The items explained in the footnotes of a table are usually experimental methods, the meaning of abbreviations or symbols, and statistical information.
The items explained in the footnotes of a table are usually experimental methods, the meaning of abbreviations or symbols, and statistical information.
Once the estimated depreciation expense for an asset is calculated: A: It cannot be changed due to the historical cost principle. B: It may be revised based on new information. C: Any changes are accumulated and recognized when the asset is sold D: The estimate itself cannot be changed; however, new information should be disclosed in financial statement footnotes. E: It cannot be changed due to the consistency principle.
Once the estimated depreciation expense for an asset is calculated: A: It cannot be changed due to the historical cost principle. B: It may be revised based on new information. C: Any changes are accumulated and recognized when the asset is sold D: The estimate itself cannot be changed; however, new information should be disclosed in financial statement footnotes. E: It cannot be changed due to the consistency principle.