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AICPA CPA-Financial Exam - Topic 1 Question 124 Discussion

Which of the following facts concerning fixed assets should be included in the summary of significant accounting policies?
C) Option C
A) Option A
B) Option B
D) Option D

AICPA CPA-Financial Exam - Topic 1 Question 124 Discussion

Actual exam question for AICPA's CPA-Financial exam
Question #: 124
Topic #: 1
[All CPA-Financial Questions]

Which of the following facts concerning fixed assets should be included in the summary of significant accounting policies?

Show Suggested Answer Hide Answer
Suggested Answer: C

Choice 'c' is correct. Yes - No.

Yes - 'Depreciation methods' should be disclosed in the 'summary of significant accounting policies.'

No - Composition of fixed assets (or any other account) should not be disclosed in the 'summary of significant accounting policies.'


by Paris at Apr 09, 2026, 09:57 AM

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Marion
Option A is definitely a must-have in the summary.
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Adolph
5 days ago
I thought Option C was more important, though.
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Ammie
10 days ago
Totally agree, Option A covers it well.
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Coletta
15 days ago
Wait, are we sure about that? Seems a bit off.
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Walton
2 months ago
I think Option B is the most relevant here.
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Gene
2 months ago
Fixed assets should definitely be included in the summary!
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Nettie
3 months ago
I’m leaning towards Option B, but I’m uncertain. I wish I had reviewed the summary of significant accounting policies more thoroughly!
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Armanda
3 months ago
I feel like it’s important to include the valuation method for fixed assets, but I can’t recall if it was specifically mentioned in the policies.
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Chanel
3 months ago
I remember a practice question that asked about the depreciation methods for fixed assets. Maybe that’s relevant here?
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Jovita
3 months ago
I think we discussed something about fixed assets in class, but I’m not sure which specific facts are required in the summary.
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