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Which of the following statements concerning financial statement presentation is not a true statement?
- The balances of all individual assets, as they appear in the subsidiary plant ledger, should be disclosed in the footnotes.
- The balances of major classes of assets may be disclosed in the footnotes.
- The balances of the accumulated depreciation of major classes of assets may be disclosed in the footnotes.
- Intangibles are reported separately under Intangible Assets.

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agustinsr99

Answer: The correct answer is "- The balances of all individual assets, as they appear in the subsidiary plant ledger, should be disclosed in the footnotes.".

Explanation: - The balances of all individual assets, as they appear in the subsidiary plant ledger, should be disclosed in the footnotes. is not a True Statement because The balances of all individual assets must be disclosed in the statement of financial position.

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