Which of the Following Statements Concerning Financial Statement Presentation Is

question 93

Multiple Choice

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

• 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.

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Definitions:

Irreversibility

Piaget’s term for a preoperational child’s failure to understand that an operation can go in two or more directions.

Clay

A natural, earthy material composed of minerals with fine particles, used in making pottery, bricks, and sculptures.

Conservation

In psychology, it's the understanding that quantities remain the same even when they are arranged or shaped differently, a concept developed by Jean Piaget.

Irreversibility

The inability to mentally reverse a sequence of events or logical operations back to the starting point.