Significant accounting policies may not be
A) selected on the basis of judgment.
B) selected from existing acceptable alternatives.
C) unusual or innovative in application.
D) omitted from financial-statement disclosure.

Question

Quizplus · Accepted Answer

Significant accounting policies must be disclosed in financial statement disclosure in order to provide transparency and clarity to financial statement users. They should not be omitted from disclosure. A, B, and C are not true statements about significant accounting policies.

Significant Accounting Policies May Not Be