The accounting staff of Brooks and Dunn Corporation is preparing the annual report for the current fiscal year.The staff member in charge of developing the footnotes has requested assistance with classifying the following information:
Required:
Indicate whether the above items should be disclosed in (a)the summary of significant accounting policies note,(b)in a separate disclosure note,or (c)on the face of the balance sheet.

Question

The accounting staff of Brooks and Dunn Corporation is preparing the annual report for the current fiscal year.The staff member in charge of developing the footnotes has requested assistance with classifying the following information:
  Required:
Indicate whether the above items should be disclosed in (a)the summary of significant accounting policies note,(b)in a separate disclosure note,or (c)on the face of the balance sheet.

Quizplus · Accepted Answer

The Answer of The accounting staff of Brooks and Dunn Corporation is preparing the annual report for the current fiscal year.The staff member in charge of developing the footnotes has requested assistance with classifying the following information:
  Required:
Indicate whether the above items should be disclosed in (a)the summary of significant accounting policies note,(b)in a separate disclosure note,or (c)on the face of the balance sheet.

The Accounting Staff of Brooks and Dunn Corporation Is Preparing