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Summary of significant accounting policies

Problem:

Univor Company reported an increase in inventories in the past year. What is the effect of this change on the current ratio (current assets _ current liabilities)? What does this tell a statement user about Buildeasy's liquidity?

What is one of the major limitations of the balance sheet as a source of information?

What is a "Summary of Significant Accounting Policies" and why is it needed?

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Finance Basics: Summary of significant accounting policies

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