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Which principle/guideline requires the company's financial statements to have footnotes containing information that is important to users of the financial statements? Financial Accounting
Answer: Adequate disclosure Principle 1860 students attemted this question.
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Copyright 2022. All Rights Reserved. Which principle requires the company's financial statements to have footnotes containing information that is important to users of the financial statement?The full disclosure principle is a concept that requires a business to report all necessary information about their financial statements and other relevant information to any persons who are accustomed to reading this information.
Are footnotes required in financial statements?Footnotes are an essential part of any financial statement. However, they come with a few disadvantages. Footnotes are required only to the point “beyond the legal minimum” to protect the company from liability. How footnotes are conveyed and which information is included is up to the discretion of management.
Which of the following is a purpose of footnotes to financial statements?Footnotes to the financial statements refer to additional information that helps explain how a company arrived at its financial statement figures. They also help to explain any irregularities or perceived inconsistencies in year to year account methodologies.
Are footnotes required by GAAP?There are a variety of reasons for the numerous required footnote disclosures under Generally Accepted Accounting Principles (GAAP). One reason is that the footnotes to your company's financial statements give investors and lenders an insight into account balances, accounting practices and potential risk factors.
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