When a Change in Accounting Principle Occurs, the Balance of the Related

question 39

Multiple Choice

When a change in accounting principle occurs, the balance of the related asset or liability account is recalculated

• A)at the end of the current period
• B)when the decision is made to change
• C)at the beginning of the current period only
• D)at the beginning of the first period affected and reported in the financial statements

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Definitions:

Increases

Situations or occurrences where there is a rise in quantity, size, number, value, or extent.

Time Zones

Regions of the Earth that have adopted the same standard time, typically differing from neighboring regions by an exact number of hours.

Daylight Savings Time

The practice of setting the clock forward by one hour during the warmer months to extend evening daylight.

Falling Asleep

The transition from wakefulness to sleep, characterized by gradual decrease in consciousness and responsiveness to external stimuli.