Footnotes to Financial Statements Should Not Be Used to

question 29

Multiple Choice

Footnotes to financial statements should not be used to

• A) Describe the nature and effect of a change in accounting principles
• B) Identify substantial differences between book and tax income
• C) Correct an improper financial statement presentation
• D) Indicate bases for valuing assets

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Definitions:

Zygote

The initial cell formed when a new organism is produced by means of sexual reproduction, resulting from the fusion of male and female gametes.

Implantation

The process by which a fertilized egg attaches to the lining of the uterus beginning pregnancy.

Embryo

An early stage of development in multicellular organisms, following fertilization and before becoming a fetus.

Multicellular

Organisms that consist of more than one cell, in contrast to unicellular organisms.