Question

Which of the following would be disclosed in the summary of significant accounting policies disclosure note? Composition of Long-term debt Depreciation Method A. No Yes B. Yes No C. Yes Yes D. No No

Answer 1

Answer:

A. No Yes

Explanation:

In the case of long term debt composition, no disclosure note is required as it is not an accounting policy. On the other hand, for depreciation there are various methods to determined it so it would be considered as a significant accounting policy

So according to the options given, the a option is correct as it mets the criteria

And, all other options are incorrect