Presentation and Disclosure Are Important Because Acceptable Financial Reporting Frameworks

question 43

Multiple Choice

Presentation and disclosure are important because acceptable financial reporting frameworks require that footnotes adequately describe the terms of notes payable outstanding and the assets pledged as collateral for the loans.Which assertion does this relate to?

• A)valuation
• B)existence
• C)completeness
• D)understandability

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Definitions:

DNA Sequence

The precise order of nucleotides within a DNA molecule, determining genetic instructions for the development and functioning of living organisms.

Gene

A unit of heredity that is transferred from a parent to offspring and is held to determine some characteristic of the offspring.

RNA Nucleotides

The basic structural units of RNA, composed of a nitrogenous base, a ribose sugar, and a phosphate group.

Triphosphates

Organic compounds that contain three phosphate groups and are involved in energy transfer within cells, ATP being the most notable example.