Which of the Following Is Not Required to Be Disclosed

question 24

Multiple Choice

Which of the following is not required to be disclosed in an entity's accounting policy note?

• A) That the financial statements are general purpose financial statements.
• B) The measurement bases used in the preparation of the financial statements.
• C) That the financial statements have been prepared on the going concern basis.
• D) A description of the entity's key accounting policies.

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Definitions:

Savings

Money set aside for future use, typically in accounts that earn interest.

Interest Annually

The total interest that accrues over the course of a year, either on investments or loans.

Payment Now

An immediate payment, as opposed to payments scheduled in the future, often required to secure a purchase or service.

Interest

The cost of borrowing money, typically expressed as a percentage of the total amount borrowed.