Indicate Those Items for Which Generally Accepted Accounting Principles Require

question 118

Multiple Choice

Indicate those items for which generally accepted accounting principles require disclosure in notes accompanying the financial statements. (More than one answer may be correct.)

• A) A large lawsuit was filed against the company two days after the balance sheet date.
• B) The depreciation method in use, given that several different methods are acceptable under generally accepted accounting principles.
• C) Whether small but long-lived items-such as electric pencil sharpeners and handheld calculators-are charged to asset accounts or to expense accounts.
• D) As of year-end, the chief executive officer had been hospitalized because of chest pains.

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Definitions:

Political Activism

The direct effort to promote, impede, direct, or intervene in social, political, economic, or environmental reform with the desire to make changes in society.

Sustainable Physical

Practices or conditions that support long-term ecological balance and do not deplete resources or harm natural cycles, typically in the context of physical well-being and environmental health.

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The process by which a teacher guides and facilitates the acquisition of knowledge, skills, and attitudes by learners.

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The actual experiences and conditions of individuals' daily lives, as opposed to theoretical or imagined scenarios.