What is the purpose of information presented in notes to the financial statements?

MULTIPLE CHOICE QUESTION:

What is the purpose of information presented in notes to the financial statements?

a. To provide the disclosure required by generally accepted accounting principles.

b. To correct improper presentation in the financial statements.

c. To provide recognition of amounts not included in the totals of the financial statements.

d. To present management’s responses to auditor comments.


ANSWER:

a. To provide the disclosure required by generally accepted accounting principles.

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