This statement is true. The balances of the major classes of plant assets and accumulated depreciation by major classes should be disclosed in the balance sheet or notes.
What is balance sheet ?
- A balance sheet is a financial statement that presents a company's financial position at a specific point in time. It shows the balances of the major classes of assets, liabilities, and equity, and provides information about the company's assets, liabilities, and equity, as well as the net amount of assets and liabilities.
- The balance sheet is one of the three primary financial statements, along with the income statement and the statement of cash flows. These statements are important because they provide information about a company's financial position, performance, and cash flow, which can be useful to investors, creditors, and other stakeholders.
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