Financial Reporting

Question 1

Significant Accounting Policies

Answer 1

xamples of accounting principles and methods for which disclosure of policy is frequently made include, but are not limited to, depreciation methods, consolidation basis, interperiod tax allocation, inventory pricing, and revenue recognition methods.

Question 2

What are the 4 comprehensive bases of accounting other than generally accepted accounting principles?

Answer 2

1. Cash basis
2. Tax(income) basis
3. Regulatory basis
4. Contractual basis