FAR 2.1 - Notes To Financial Statements

Question 1

The preferred presentation is to include the “summary of significant accounting policies” as what number note to the financial statements?

Answer 1

First or second note

Question 2

The summary of significant accounting policies includes disclosures of:

Answer 2

Measurement bases used
And
Specific accounting principles and methods used

Question 3

Vulnerability due to concentrations a raise when an entity is exposed to risk of loss that a could b mitigated through:

Answer 3

Diversification