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What items might be in the financial statements but not actually on the balance sheet income statement statement of retained earnings or statement of cash flows?
Since the notes to the financial statements form part of the financial statements and are a component of financial statements, certain disclosures found in the notes may not be found in the balance sheet, income statement, statement of retained earnings or statement of cash flows.
What disclosures should be made in the equity section of the balance sheet rather than in the notes to the financial statements?
define liquidation preferences as disclosures should be made in the equity section of the balance sheet, rather than in the notes to the financial statements
What best exemplifies a contingency that is reported in the notes to the financial statements?
Estimated loss from an ongoing lawsuit
What is a disclosure note in accounting?
Disclosures notes are part of accounting financial statements as in disclosure notes important information related to amounts or information in financial statement is provided to further clarify any information previously given or any other related information.
What are the accounting journal entries to accrue a contingency payable?
Contingency transations have no entry until contingency not clear and only shown in notes to financial statements.
