Which of the Following Do NOT Need to Be Disclosed

question 7

Multiple Choice

Which of the following do NOT need to be disclosed in financial statements?

• A) details concerning revaluations
• B) cost and accumulated depreciation by major classes of assets
• C) a description of the enterprise's accounting policies with respect to depreciation/amortisation
• D) reasons for assets not being revalued.

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Definitions:

Substitutes

Goods, such as tacos and pizza, that relate in such a way that an increase in the price of one shifts the demand for the other rightward.

Honey

A sweet, viscous food substance made by bees from the nectar of flowers.

Expectation

The anticipation or belief regarding the future performance of the economy, markets, or individual financial assets.

CDs

Certificates of Deposit, a financial product offered by banks that provides an interest rate premium in exchange for the customer agreeing to leave a lump-sum deposit untouched for a predetermined period.