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

Question

Quizplus · Accepted Answer

The notes to financial statements typically provide a summary of significant accounting policies and explanations of specific items on the financial statements, while the balance sheet and income statement provide the financial information in a condensed format. The report of independent registered public accounting firm provides the auditor's opinion on the financial statements.

A Summary of Significant Accounting Policies and Explanations of Specific