Which of the Following Should Be Disclosed in a Summary

question 49

Multiple Choice

Which of the following should be disclosed in a Summary of Significant Accounting Policies?

• A)Types of executory contracts
• B)Amount for cumulative effect of change in accounting policy
• C)Claims of equity holders
• D)Depreciation method followed

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Definitions:

Standard of Living

A level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Taft-Hartley Act

The Taft-Hartley Act, passed in 1947, is a United States federal law that restricts the activities and power of labor unions.