Which of the Following Statements Concerning Financial Statement Presentation Is

question 65

Multiple Choice

Which of the following statements concerning financial statement presentation is false?

• A)Intangibles may be reported separately.
• B)The balances of major classes of assets should be disclosed in the notes.
• C)The balances of the accumulated depreciation of major classes of assets should be disclosed in the notes.
• D)The balances of all individual assets, as they appear in the subsidiary ledger, should be disclosed in the notes.

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Definitions:

Record-keeping Cost

Expenses associated with maintaining accurate and comprehensive records of a company’s financial transactions and operations.

Overhead Cost Pool

A collection of indirect costs that are grouped together to aid in their allocation to cost objects.

Activity Measure

A metric used to quantify the level of activity, work, or output in a business process or operation.

Overhead Rate

A financial ratio that allocates overhead costs to products or services based on a predetermined measure, often used to calculate total production costs.