Notes to financial statements provide:

Discussions that further explain items shown in the financial statements. 

Comparative financial information with the previous year. 

Management's discussions about plans for the future. 

The report of the independent auditors.

  

Question 14 Which of the following is a reason why companies use special journals? O To reduce the time needed to complete the various accounting activities O To provide for a chronological listing of similar transactions O To divide the accounting task O All of the above are reasons why companies use special journals. Question 15 Which of the following is not a general category of shareholders' equity? Net income O Contributed capital