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

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MULTIPLE CHOICE QUESTION:

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

a. Types of executory contracts.

b. Amount for the cumulative effect of change in accounting principle.

c. Claims of equity holders.

d. Depreciation method followed.

2. If a business entity entered into certain related party transactions, it would be required to disclose all the following information except the

a. Nature of the relationship between the parties to the transactions.

b. Nature of any future transactions planned between the parties and the terms involved.

c. Dollar amount of the transactions for each of the periods for which an income statement is presented.

d. Amounts due from or to related parties as of the date of each statement of financial position presented.

3. Revenue of a segment includes

a. Only sales to unaffiliated customers.

b. Sales to unaffiliated customers and intersegment sales.

c. Sales to unaffiliated customers and interest revenue.

d. Sales to unaffiliated customers and other revenue and gains.


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