Notes to the Financial Statements Include All of the Following

question 16

Multiple Choice

Notes to the financial statements include all of the following except

• A)descriptions of significant accounting policies used.
• B)explanations of uncertainties.
• C)projected accounting information.
• D)statistics needed to understand the statements.

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Definitions:

Void

A term applied to a contract that is not valid because its object is illegal or it has some defect that is so serious that it is not a contract.

CIF

Cost, Insurance, and Freight, a term used in international trade that indicates the seller is responsible for covering these expenses until the goods reach the purchaser's specified port of destination.

Cost

The value, usually in monetary terms, required to produce, acquire, or maintain a good or service.

Insurance

A contract (policy) in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.