Asked by Grant Haake on Jul 12, 2024
Verified
Sales by major product category is a required financial statement disclosure.
Major Product Category
A broad classification that represents a significant portion of a company’s offerings, organizing products or services by common attributes.
Financial Statement Disclosure
Refers to the requirement for businesses to provide comprehensive information in their financial reports, which includes their financial condition, performance, and cash flow.
- Discern the parts and attributes of financial statements, encompassing the segmentation in the balance sheet and revelations in the income statement.
Verified Answer
MS
Manpreeth SinghJul 14, 2024
Final Answer :
False
Explanation :
Sales by major product category is not a required disclosure in the financial statements according to general accounting principles; however, companies may voluntarily provide this information in the notes to the financial statements or in management's discussion and analysis to enhance transparency.
Learning Objectives
- Discern the parts and attributes of financial statements, encompassing the segmentation in the balance sheet and revelations in the income statement.