What Types of Information Must Be Disclosed in the Financial

question 85

Multiple Choice

What types of information must be disclosed in the financial statements?

• A) The comprehensive list issued by the FASB.
• B) Only information that is determined by management.
• C) Non-financial information that is not included in the basic financial statements.
• D) Ratio analysis.

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Definitions:

Budgeted Balance Sheet

A financial statement that projects the financial position of a company at a future date, showing expected assets, liabilities, and equity based on planned operations and initiatives.

Continuous Budget

A rolling budget for a 12-month period where the budget moves forward one month (or another period) as the current month (or period) is completed.

Perpetual Budget

A continuously updated budget that adjusts and rolls over to subsequent periods as the financial year progresses.

Rolls Forward

A term used in accounting to describe the process of moving figures from one period to the next, often related to budgets or forecasts.