A summary of significant accounting policies and explanations of specific items on the financial statements are included in ________.
A) the balance sheet
B) the income statement
C) the notes to financial statements
D) the report of the independent registered public accounting firm

Question

Quizplus · Accepted Answer

The summary of significant accounting policies and explanations of specific items on the financial statements are included in the notes to financial statements. The balance sheet and income statement provide specific financial information, but do not provide detailed explanations of accounting policies or specific items. The report of the independent registered public accounting firm provides an assessment of the financial statements' overall fairness and compliance with accounting standards, but does not include detailed explanations of specific items or accounting policies.

A Summary of Significant Accounting Policies and Explanations of Specific