Asked by Lorna Richards on Jun 30, 2024
Verified
All of the following disclosures would appear in the Summary of Significant Accounting Policies except
A) inventory method.
B) depreciation method.
C) long-term construction contract method.
D) financing methoD.
Summary of Significant Accounting Policies
A section in financial statements outlining the major accounting policies and methods used by an organization, ensuring transparency and consistency.
Inventory Method
An accounting approach used to evaluate and manage the merchandise or goods a company has in stock, affecting how the cost of goods sold and ending inventory are reported.
Financing Method
A strategy or process by which a company raises capital or funds to operate, expand, or invest in projects.
- Assess the significance of disclosure in the notes to the financial statements regarding accounting policies.
Verified Answer
Learning Objectives
- Assess the significance of disclosure in the notes to the financial statements regarding accounting policies.
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