Which of the Following Facts Concerning Property, Plant and Equipment

question 33

Short Answer

Which of the following facts concerning property, plant and equipment should be included in the Summary of Significant Accounting Policies? $\begin{array}{lll}&\text { Depreciation } & \text { Composition } \\&\text { Method } & \text { of Assets }\\\text { a) } & \text { no } & \text { yes } \\\text { b) } & \text { yes } & \text { yes } \\\text { c) } & \text { yes } & \text { no } \\\text { d) } & \text { no }\end{array}$

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Definitions:

Influential

Having the power to have an effect on people or things, or to shape decisions, opinions, and actions.

Caste System

A traditional form of social stratification characterized by hereditary transmission of a lifestyle, occupation, and social status.

Accumulating Wealth

The process of gathering and increasing assets, finances, and property over time, usually for the purpose of personal financial security or prestige.

Capitalist Ideology

A belief system that supports the principles of capitalism, emphasizing private property, free markets, and the profit motive as key to economic development.