35. Which of the following statements is not true concerning the notes to the fi

Question

35. Which of the following statements is not true concerning the notes to the financial statements? A. Notes to the financial statements explain what policies were used to prepare the financial statements. B Notes to the financial statements provide additional information about what is included in the financial statements C. Notes to the financial statements provide additional information about financial matters that are not D. Notes to the financial statements provide financial information about the owners of the business included in the financial statements.

Explanation / Answer

Correct Answer ---- (D) Notes to financial statements provide financial information about the owners of the business.

Explanation

Notes to financial statements are provided to give additional information about what is included in financial statements, such as calculation of basic and diluted Earnings per share, Depreciation calculation etc.

Notes also include a detailed explanation of policies used by the companies in preparing financial statements. Additional information is also provided in the notes such as merger details, information about subsidiaries or holding company, etc.

The only thing that is not included in Notes to Financial Statements is financial details of owners of the Company.

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