Significant Accounting Policies Are Described in the Notes to the Financial

question 19

Multiple Choice

Significant accounting policies are described in the notes to the financial statements because:

• A)there isn't enough space for them to be included in the captions of the financial statements.
• B)if the accrual basis of accounting is used, "matching" of revenues and expenses may not take place.
• C)the reader must be aware of which of the alternative generally accepted accounting practices have been used.
• D)details concerning the reporting entity's accounting information system and data processing methods must be disclosed.

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Definitions:

Insecticide

Chemical substances used to kill or control the population of insects, typically used in agriculture and pest control.

Margin Of Error

A statistic expressing the amount of random sampling error in a survey's results, indicating a range within which the true population parameter is likely to lie.

Bushels

Bushels are a measure of volume used primarily in agriculture, especially in the United States, for dry commodities such as grains or produce.

Confidence

In statistics, the degree of certainty or probability that a parameter lies within a specified range of values.