Notes to Financial Statements

Question 1

Management Compensation is not required to be included in the summary of significant accounting Policies

Answer 1

True

Question 2

Companies must disclose the future maturities on their borrowing for five years following the balance sheet date

Answer 2

True

Question 3

significant accounting policies is not a required disclosure for development stage companies.

Answer 3

False

Question 4

Is management compensation required to be included in the summary of significant accounting policies

Answer 4

No

Question 5

Are companies required disclose future maturities on their borrowing for five years following the balance sheet date

Answer 5

Yes

Question 6

Which of the following must be disclosed in the summary of significant accounting policy? Methods of depreciation or composition of plant assets

Answer 6

Methods of depreciation