Notes to Financial Statements

question 68

Essay

Notes to financial statements.An article in Dun's Review made the following comments:"Every other year, say, companies should print the notes in big typeand the base figures in smaller ones."
Instructions
(a) Are notes considered as part of the financial statements and what basic purpose do they serve?
(b) What are the general types of notes?

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Definitions:

Sun

A star at the center of the Solar System that emits light and heat, essential for life on Earth.

Enzymatic Reaction

An enzymatic reaction involves chemical processes in living organisms that are catalyzed by enzymes to convert substrates into different molecules.

Temporary Complex

A transient molecular complex that forms during various biochemical processes, such as enzyme-substrate interactions.

Lipase

Fat-digesting enzyme secreted by the pancreas.