Notes to the Financial Statements (Also Known as Footnotes)immediately Follow

question 76

True/False

Notes to the financial statements (also known as footnotes)immediately follow the four individual financial statements,and include descriptions of accounting decisions made when preparing the financial statements.
BT: Knowledge

---

Definitions:

Rescission

The act of revoking, canceling, or repealing a contract or agreement, returning all parties to their original positions prior to the agreement.

Misrepresentation

Misrepresentation involves giving incorrect information by one individual to another, persuading the latter to enter into a contract based on that faulty information, unintentionally leading to misconceptions during agreement formulation.

Insurance Policy

A contract between an insurer and a policyholder specifying the terms for the payment of claims in the event of a loss.

Contracted

Contracted generally means to have entered into a formal agreement with specific terms and conditions.