Which of the Following Is NOT a Required Supplemental Disclosure

question 1

Multiple Choice

Which of the following is NOT a required supplemental disclosure for the balance sheet?

• A) Contingencies
• B) Financial forecasts
• C) Accounting policies
• D) Contractual situations

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Definitions:

Demand Instrument

A type of draft that allows the payee to demand payment at any time from a holder.

Overdue

Pertaining to something that has not been completed, paid, or returned by its expected or agreed-upon deadline.

Liability

The legal responsibility to settle a debt or compensate for harm caused to someone else, often resulting from actions or negligence.

Agent

An individual or entity authorized to act on behalf of another person or entity in legal or business transactions.