The Accounting Policies Footnote Is ________

question 139

Multiple Choice

The accounting policies footnote is ________.

• A) optional
• B) required by U.S. GAAP
• C) required by auditors
• D) an internal management document

---

Definitions:

Voluntary Association

A group formed by individuals who voluntarily come together to pursue a common interest or goal.

Co-own

To have joint ownership or share ownership rights of a property, asset, or entity with one or more individuals or entities.

Corporation

A legal entity that is separate from its owners, who share limited liability protection, and is recognized by law as having rights and responsibilities.

Profit

The right to go onto someone’s land and take part of the land or a product of it away from the land.