Which of the following would be disclosed in the Summary of Significant Accounting Policies?
A)composition of inventories
B)details of a related party transaction
C)definition of cash equivalents
D)maturity dates of long-term debt

Question

Quizplus · Accepted Answer

The Summary of Significant Accounting Policies typically includes information on accounting principles and procedures, which might include the definition of cash equivalents. Choices A, B, and D relate to specific disclosures, such as inventory composition or long-term debt maturity dates, that would be discussed in other sections of the financial statements.

Which of the Following Would Be Disclosed in the Summary