Sign Up

Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.

Sign In

Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.

Forgot Password

Lost your password? Please enter your email address. You will receive a link and will create a new password via email.

You must login to ask a question.

Please briefly explain why you feel this question should be reported.

Please briefly explain why you feel this answer should be reported.

Please briefly explain why you feel this user should be reported.

Share & grow the world's knowledge!

We want to connect the people who have knowledge to the people who need it, to bring together people with different perspectives so they can understand each other better, and to empower everyone to share their knowledge.

Which of the following should be disclosed in the Summary of Significant Accounting Policies?

Question:

Which of the following should be disclosed in the Summary of Significant Accounting Policies?

a. Rent expense amount

b. Maturity dates of long-term debt

c. Methods of amortizing intangibles

d. Composition of plant assets

Intangible Assets:

The assets of the firm which are not present in the physical form but still contribute towards the growth of the business are known as the intangible assets. They are subjected to amortization due to regular usage or completion of their life span.

Answer and Explanation:

The correct option is c.

There are various stakeholders, such as shareholders, creditors, investors, and other parties with an interest in the company’s operations. These stakeholders seek to understand the fundamental accounting principles and practices adopted by the company. Therefore, a concise summary is provided to them, encompassing essential details like depreciation techniques, inventory valuation methods, and related pertinent information. This summary excludes any extraneous, irrelevant, or unrelated information.

Leave a comment

Latest News & Updates

QuizlyPro Latest Articles

McMann Solutions Inc. knowingly violates the Clean Water Act by discharging hazardous pollutants into a nearby river

McMann Solutions, Inc., knowingly violates the Clean Water Act by discharging hazardous pollutants into a nearby river. McMann Solutions is subject to a. neither a fine or imprisonment. b. fines but no criminal charges or imprisonment because a corporation cannot ...

Farm and Ranch Supply Co. discovers a cache of an unknown herbicide in a back corner of its warehouse

Farm and Ranch Supply Co. discovers a cache of an unknown herbicide in a back corner of its warehouse. Farm and Ranch repackages the product, relabeling it as “Farmer’s Friend” and stating on the label and in advertisements that it ...

Tiger Stripe owns and operates gasoline filling stations. Patrick’s Trucking delivers fuel to Tiger Stripe’s storage facility on a regular basis

Tiger Stripe owns and operates gasoline filling stations. Patrick’s Trucking delivers fuel to Tiger Stripe’s storage facility on a regular basis. On one occasion, Patrick fails to pay proper attention to his truck when he is unloading fuel into Tiger ...

Explore Our Blog