In order for a company to distribute its financial statements to the public, it is required to follow the "generally accepted accounting principles" (GAAP). GAAP is essential in standardizing and regulating accounting definitions, assumptions, and methods. A company generally lists the significant accounting policies as the first note in the financial statements. Review the financial statement notes of Hibbett Sports Inc. Selecttwo of the significant accounting policies and discuss how each policy impacts the financial reporting for that entity.