ExplanationChoice D is correct. The summary of significant accounting policies should include policies. The onlypolicy in the choices listed is the revenue recognition policies.Choice A is incorrect. A description of current year equity transactions is not a policy. It should bedisclosed somewhere in the footnotes but not in the summary of significant accounting policies.Choice B is incorrect. A summary of longtermdebt outstanding is not a policy. It should be disclosedsomewhere in the footnotes but not in the summary of significant accounting policies.Choice C is incorrect. A schedule of fixed assets is not a policy. It should be disclosed somewhere inthe footnotes but not in the summary of significant accounting policies.