A general description of the depreciation methods applicable to major classes of depreciable assets
A) is not a current practice in financial reporting.
B) is not essential to a fair presentation of financial position.
C) is needed in financial reporting when company policy differs from income tax policy.
D) should be included in corporate financial statements or notes thereto.

Question

Quizplus · Accepted Answer

The depreciation methods applicable to major classes of depreciable assets should be included in corporate financial statements or notes thereto, as it provides useful information to users of financial statements in understanding how the company depreciates its assets over time. This information is relevant for decision making and financial analysis.

A General Description of the Depreciation Methods Applicable to Major