Which of the Following Should Be Disclosed in a Summary

question 50

Multiple Choice

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

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

---

Definitions:

Contract Remedies

Legal solutions available to a party of a contract when the opposing party has breached the agreement.

Contract Frustration

A legal doctrine which releases both parties from their contractual obligations due to unexpected events that render the contract impossible to fulfill.

Prize Horse

A highly valued or award-winning horse often recognized in competitive events or breeding.

Local Theatre

A venue within a community that hosts live performances, including plays, musicals, and other stage productions.