devry acct304 week 2 discussion
The balance sheet is one of the first financial statements I turn to
when reviewing a company. You can learn a lot about a company by looking
at its balance sheet. The balance sheet is also called the statement of
financial position. Why is this? What is the purpose of the balance
sheet?
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Q2
Disclosure Notes (graded) |
Disclosures are required to elaborate on certain items
that are presented in summarized form in the financial statements. There are
specific disclosure notes that are required to be present in all financial
statements, while others may be unique to the disclosure needs of a particular
company.
Let’s start by discussing the three required disclosures. Please pick one and
explain what information is to be included in the note:
- Summary of
Significant Accounting Policies - Subsequent Events
- Third Party
Transactions
Explanation & Answer
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