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.

---

Definitions:

Exchange Rate

How much one currency is worth in terms of crossing over to another currency.

Mexican Demand Curve

A graphical representation showing the quantity of goods that consumers in Mexico are willing and able to purchase at various prices.

U.S. Dollars

The official currency of the United States, widely used as a standard of exchange in international markets.

Pesos

The currency unit used in several countries, notably Mexico and Argentina, among others.