An Accounting Principles Board Opinion was concerned with disclosure of accounting policies. A singular feature of this particular opinion is that it
A) Calls for disclosure of every accounting policy followed by a reporting entity
B) Applies to immaterial items whereas most opinions are concerned solely with material items
C) Applies also to accounting policy disclosures by not-for-profit entities, whereas most opinions are concerned solely with accounting practices of profit-oriented entities
D) Prescribes a rigid format for the disclosure of policies to be reported upon

Question

Quizplus · Accepted Answer

The Accounting Principles Board Opinion concerned with disclosure of accounting policies is unique in that it applies to not-for-profit entities as well as profit-oriented entities. Most opinions are concerned solely with the accounting practices of profit-oriented entities.

An Accounting Principles Board Opinion Was Concerned with Disclosure of Accounting