Quiz 03.59 – Summary of Significant Accounting Policies
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
What type of information would be disclosed in the summary of significant accounting policies disclosure note?
What type of information would be disclosed in the summary of significant accounting policies disclosure note?
What disclosure is typically NOT required for related-party transactions?
What type of information would not typically be included in disclosure notes?
What is the primary concern with accounting for related-party transactions?
What would NOT be considered a subsequent event for an entity with a December 31, 2021 year-end?
In an unqualified auditor’s report, how are the responsibilities of management and the auditor’s opinion on internal controls represented?
What is the Management’s Report on Internal Control Over Financial Reporting?
What is an example of fraud?
What is an example of an error?
What is the term used to describe the analysis where a company compares the amount of receivables in the current year to the previous year to estimate a trend in the company’s ability to collect cash from customers?