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26 August, 04:14

Which of the following policy decisions would not need to be disclosed in the Summary of Significant Accounting Policies (SSAP) ? a. Depreciation method b. Costing method for inventory c. Issuance of debt of equity d. Revenue recognition for long-term construction contracts

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  1. 26 August, 04:42
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    Answer: C. Issuance of debt of equity

    Explanation: The summary of significant accounting policies (SSAP) is a section of the footnotes that accompany an organization's financial statements, describing the choices of acceptable accounting principles employed by the management.

    Some disclosures are commonly required in the SSAP and they include; the basis of consolidation, depreciation methods employed, amortization of intangible assets, costing method for inventory, recognition of profit on long-term construction contracts and recognition of revenue from franchising and leasing operations, but issuance of debt of equity is not required.
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