AICPA CPA-Financial Exam - Topic 1 Question 124 Discussion

Actual exam question for AICPA's CPA-Financial exam

Question #: 124
Topic #: 1

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

AOption A

BOption B

COption C

DOption D

Show Suggested 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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Walton

17 days ago

I think Option B is the most relevant here.

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Gene

23 days ago

Fixed assets should definitely be included in the summary!

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Nettie

1 month 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

1 month 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

2 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

2 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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