What is the purpose of information presented in notes to the financial statements?
To provide recognition of amounts not included in the totals of the financial statements.
To correct improper presentation in the financial statements.
To present management's responses to auditor comments.
To provide disclosures required by generally accepted accounting principles.
Choice "D" is correct. Information presented in notes to the financial statements have the purpose of providing disclosures required by generally accepted accounting principles. SFAC 5 para. 7
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