Question

A summary of significant accounting policies and explanations of specific items on the financial statements are included in​ ________. Question content area bottom Part 1 A. the report of the independent registered public accounting firm B. the income statement C. the balance sheet D. the notes to financial statements

Answer 1

A summary of accounting policies and explanations of specific items in financial statements can be found in the notes to financial statements, making option D the correct answer.

Step-by-step explanation:

A summary of significant accounting policies and explanations of specific items on the financial statements are included in the notes to financial statements. These notes provide essential information that helps users of the financial statements understand the basis on which the financial statements are prepared, as well as additional details regarding specific items that are significant for an accurate understanding of the company's financial position and performance.

Therefore, the correct answer to the question is D. the notes to financial statements.

Answer 2

A summary of significant accounting policies and explanations of specific items on the financial statements is found in the notes to financial statements, which help in understanding the financial condition and performance of the company.

Step-by-step explanation:

The summary of significant accounting policies and explanations of specific items on the financial statements are included in D. the notes to financial statements. The notes to financial statements are an integral part of these statements and provide detailed information that complements and elaborates on the numbers found in the main parts of the financial statements such as the balance sheet, income statement, and cash flow statement. They are essential for users of the financial statements to fully understand the financial condition and performance of the company.