Question

Which is not a type of note found in a set of financial statements?

Answer 1

Answer:

Explanatory notes are discussions of items that accompany the financial statements, which are the income statement, the balance sheet, and the statement of cash flows. These notes are important disclosures that further explain numbers on the financial statements. The reason for these notes harkens back to fulfilling the needs of the external users of the financial statements.

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Answer 2

Direct information is not the type of note found in a set of financial statements

Explanation:

• The explanatory notes or any kind of information is not found in the 'financial statements' or 'account statements'. These are are notes that give explanation regarding the various spending and purchase done by the enterprise during a specific financial year.  
• The explanation of the notes that are concerned with the 'financial spending' or the 'income statements'. It could be concerned with tax liabilities, benefit plans and expenditure on the employees, different forms of lease and and other contract agreements, purchasing of stocks and inventories and more.
• The notes are a form of information that supports the the data or information which is provided in the 'income statement' or the 'balance sheet'. The notes can be many different forms which give various details regarding the investments of the enterprise, shares held by the stakeholders, benefits provided and more.

To know more about financial statement

What is Financial Statements? State the utilities and limitations of Financial Statements.

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