Reading 33: Understanding the Balance Sheet - LOS f ～ Q1-3 detailed, benefit, require, leases, about

mayanfang1

Q1. Does the Financial Accounting Standards Board require firms to disclose information about operating leases and detailed information about defined benefit pension plans in the financial statement footnotes?

          Operating lease information    Defined benefit pension plans

 

A)       No                                                     Yes

B)      Yes                                                      No

C)       Yes                                                    Yes

Q2. Which of the following is least likely a required financial statement disclosure according to the Financial Accounting Standards Board and the International Accounting Standards Board?

A)   A description of the entity including its domicile, legal form, and place of incorporation.

B)   Breakdown of operating results by significant business segments.

C)   The liquidation values of equipment used in the production of goods and services for a firm that is expected to continue to operate in the foreseeable future.

Q3. The notes to the financial statements should include which of the following disclosures?

Disclosure #1:    Revenue recognition policy when a right of return exists.

Disclosure #2:    Concentrations of credit risk for receivables with common characteristics that may affect their ultimate collection.

 

A)   Both disclosure #1 and #2.

B)   Disclosure #2 only.

C)   Disclosure #1 only.

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