AICPA Exam CPA-Financial Topic 3 Question 47 Discussion

Actual exam question for AICPA's CPA-Financial exam

Question #: 47
Topic #: 3

Which of the following facts concerning fixed assets should be included in the summary of significant accounting policies?

AOption A

BOption B

COption C

DOption D

Show Suggested Answer

Suggested Answer: C

Choice 'c' is correct. Yes - No.

Yes - 'Depreciation methods' should be disclosed in the 'summary of significant accounting policies.'

No - Composition of fixed assets (or any other account) should not be disclosed in the 'summary of significant accounting policies.'

by Lorean at May 07, 2022, 04:17 AM

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