Which of the Following Statements Concerning Financial Statement Presentation Is

question 280

Multiple Choice

Which of the following statements concerning financial statement presentation is not a true statement?

• A) Intangibles are reported separately under Intangible Assets.
• B) The balances of major classes of assets may be disclosed in the footnotes.
• C) The balances of the accumulated depreciation of major classes of assets may be disclosed in the footnotes.
• D) The balances of all individual assets as they appear in the subsidiary plant ledger should be disclosed in the footnotes.

---

Definitions:

Mantle

In mollusks, an extension of the body wall that covers the visceral mass and may secrete a shell.

Mollusca

A large phylum of invertebrate animals that includes snails, slugs, mussels, and octopuses, characterized by a soft body that in many species is enclosed by a hard shell.

Clams

Aquatic mollusks with a shell that is divided into two parts, known for living buried in sand or mud and being a source of food for various predators, including humans.

Octopuses

Cephalopod mollusks with eight arms, known for their intelligence, ability to change color, and escape skills.