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1. What are the major advantages of notes to the financial statements? What types of items are usually reported in notes? In addition, what is
1. What are the major advantages of notes to the financial statements? What types of items are usually reported in notes? In addition, what is the full disclosure principle in accounting? Why has disclosure increased substantially in the last 10 years?
2. What quantitative materiality test is applied to determine whether a segment is significant enough to warrant separate disclosure? Finally, identify the segment information that is required to be disclosed by GAAP.
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