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AICPA Exam CPA-Financial Topic 3 Question 47 Discussion
Actual exam question for
AICPA's
CPA Financial Accounting and Reporting exam
Question #: 47
Topic #: 3
[All CPA Financial Accounting and Reporting Questions]
Topic #: 3
Which of the following facts concerning fixed assets should be included in the summary of significant accounting policies?
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.'
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