Asked by Sneha Philip on May 22, 2024
Verified
To distinguish the total on a financial statement, use single underline.
Financial Statement
A documented summary detailing a company's business operations and financial health, usually encompassing the balance sheet, income statement, and statement of cash flows.
Total
The sum or aggregate amount resulting from the addition of individual items or elements in a set.
- Differentiate between assets that do and do not appear on the balance sheet.
Verified Answer
JW
Jasmine WilliamsMay 26, 2024
Final Answer :
False
Explanation :
To distinguish the total on a financial statement, a double underline is typically used to signify the final total, whereas a single underline often indicates subtotals.
Learning Objectives
- Differentiate between assets that do and do not appear on the balance sheet.