Just Like Footnotes in Some Articles and Books,notes to the Financial

question 66

True/False

Just like footnotes in some articles and books,notes to the financial statements (also known as footnotes)report extra information that is not relevant to the financial statements.

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Definitions:

Void

A term describing a contract or legal agreement that lacks legal force or validity from the outset.

Condition Precedent

In a contract, an event that must occur for a party’s duty to arise.

Condition Subsequent

In a contract, a future event that terminates the obligations of the parties when it occurs.

Recurrent Conditions

Medical issues or diseases that return repeatedly, even after treatment.