Which of the Following Do NOT Need to Be Disclosed

question 23

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:

Foreign Company

A foreign company is a business entity that is incorporated in a country other than where it conducts its majority operations or where its principal investors reside.

LLC

stands for Limited Liability Company, a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Joint Venture

A business arrangement in which two or more parties agree to pool resources for the purpose of accomplishing a specific task.

Partnership

A legal arrangement where two or more persons agree to share the profits of a business which they run together.