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Aleksandr-060686 [28]
3 years ago
15

An example of an inventory accounting policy that should be disclosed in Summary of Significant Accounting Policies is the:_____

____ . a. amount of income resulting from the involuntary liquidation of LIFO b. major backlogs of inventory orders. c. method used for pricing inventory. d. division of inventory by raw materials, work-in-process, finished goods.
Business
1 answer:
ludmilkaskok [199]3 years ago
8 0

Answer:

Option C

Explanation:

The overview of important accounting rules is a portion of the end notes that accompanies the financial statements of an company, outlining the key policies that the finance department is following. The policy overview is prescribed by the accounting system in force (like the GAAP or IFRS).

The approach a corporation uses to assess the inventory expense (inventory valuation) affects the financial reports explicitly. Thus, it should be depicted in summary of accounting policies.

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