Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 1 - Introduction to Financial Statements - Questions - Page 27: 20

Answer

Notes to financial statements include information such as descriptions of accounting policies and methods, explanations of uncertainties or contingencies in the numbers used on the report, or summaries of other statistics or details too large to be included in the reports.

Work Step by Step

Notes may clarify the financial statements or provide additional detail.
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