Chapter 24 Homework - C hapter 24 Full Disclosure in...

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Chapter 24: Full Disclosure in Financial Reporting Tiffany Watt Homework April 28, 2011 AC 302 – 01 Questions 1. What are the major advantages of notes to the financial statements? What types of items are usually reported in notes? Notes are the means of amplifying or explaining the items presented in the main body of the statements. They can explain in qualitative terms information pertinent to specific financial statement items. In addition, they can provide supplementary data of a quantitative nature to expand the information in the financial statements. Notes also can explain restrictions imposed by financial arrangements or basic contractual agreements. The notes usually include an explanation of the specific accounting policies used, disclosure of creditor claims, contingencies and commitments, and the changes in accounting principles. 15. What are some arguments for reporting earnings forecasts? Arguments for requiring published forecasts: (1) investment decisions are based
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Chapter 24 Homework - C hapter 24 Full Disclosure in...

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