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.

---

Definitions:

Current Liabilities

Financial obligations or debts a company is required to pay within one year or within its normal operating cycle.

Inventories

Quantities of goods or materials on hand or in process of production for sale, including raw materials, work-in-progress, and finished goods.

Net Income

The total profit of a company after all expenses, taxes, and deductions have been subtracted from total revenue; also known as net profit or net earnings.

Asset Management

The systematic process of operating, maintaining, and upgrading assets cost-effectively, often referring to financial investments.