The Mandatory Adoption of a New Accounting Principle as a Result

question 65

Multiple Choice

The mandatory adoption of a new accounting principle as a result of a new FASB statement requires

• A)footnote disclosure only
• B)a cumulative effect adjustment
• C)retrospective adjustment
• D)prospective restatement

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Definitions:

Cultural Discontinuity

The disruption or breakdown in the continuity of cultural traditions or heritage.

First Amendment Rights

The rights guaranteed by the First Amendment to the U.S. Constitution, including freedom of speech, press, religion, assembly, and petition.

Separation Of Church And State

The principle that government must maintain an institutional distance from religious institutions and doctrines to ensure freedom of religion.

Real Book

A collection of lead sheets or musical notations primarily for jazz standards, used as a reference by musicians.