NOTE 1 - Summary of Significant Accounting Policies Show
The Standard Register Company is a leading domestic supplier of printed documents, document-management services, outsourcing services, pressure-sensitive labels, and e-procurement services. The Company markets its produces and services primarily through direct sales organizations operating throughout the United States. USE OF ESTIMATES FISCAL YEAR PRINCIPLES OF CONSOLIDATION CASH EQUIVALENTS TRADING SECURITIES INVENTORIES PLANT AND EQUIPMENT DEPRECIATION
INCOME TAXES DERIVATIVE INSTRUMENTS EARNINGS PER
SHARE STOCK-BASED COMPENSATION COMPREHENSIVE INCOME (LOSS) ENGINEERING AND RESEARCH COSTS OF COMPUTER SOFTWARE ADVERTISING RECLASSIFICATIONS SHIPPING AND HANDLING FEES RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS What is included in the summary of significant accounting policies?The policy summary can include policies from a broad range of operational and financial areas, including cash, receivables, intangible assets, asset impairment, inventory valuation, types of liabilities, revenue recognition, and capitalized costs.
Which of the following should not be disclosed in the summary of significant accounting policies?Descriptions of current year equity transactions, long-term debt outstanding, and fixed asset schedules are not considered to be significant accounting policies.
Which one of the following must be included in a company's summary of significant accounting practices in the notes to the financial statements?Option c: Items included in cash and cash equivalents- The composition of cash and cash equivalents, such as marketable securities, T-bills, etc., is required to be disclosed by providing them in the summary of significant accounting policies.
Which of the following should be disclosed in a summary of significant accounting policies composition of sales by segment?Composition of sales by segment. A is correct. The summary of significant accounting policies should disclose policies. The only policy in this question is the "basis" of profit recognition on longterm construction contracts.
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