[Anonymous]

Becker Question –

All of the following statements regarding notes to the basic financial statements of governmental entities are true, except:

a. Notes that are considered essential to the basic financial statements need to be presented.

b. The notes contain disclosures related to required supplementary information.

c. Some notes presented by governments are identical to notes presented in business financial statements.

d. It is acceptable to present notes in a very extensive format.

The correct answer is b. However, if you look at F9-33, Notes to financial statements contain description of the modified approach for reporting infrastructure, if used. For required supplementary information, infrastructure information is included.(See page F9-37.) So why is b correct?

[HappyDayss]

Because notes contain disclosures to the FINANCIAL STATEMENTS not supplementary information. Remember, notes are part of the FS. Supplementary information would be like ..maybe extra pension info..or budget information..etc.

Done ^_^

[HappyDayss]

Because notes contain disclosures to the FINANCIAL STATEMENTS not supplementary information. Remember, notes are part of the FS. Supplementary information would be like ..maybe extra pension info..or budget information..etc.

Done ^_^

[Author]

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