Question: Answer this question:- 1. Why are financial statement disclosure notes important? Describe the types of notes typically included in annual reports. 2. What criteria are

Answer this question:-

1. Why are financial statement disclosure notes important? Describe the types of notes typically included in annual reports.

2. What criteria are generally used to classify liabilities as either current liabilities? Under what circumstances could a current liability be classified as a long-term liability?

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