Generally Accepted Methods of Accounting for a Change in Accounting

question 70

Multiple Choice

Generally accepted methods of accounting for a change in accounting principle include

• A)restating prior years' financial statements presented for comparative purposes
• B)including the cumulative effect of the change in net income
• C)prospective changes
• D)making a prior period adjustment

---

Definitions:

Sacrum

A large, triangular bone at the base of the spine, formed by the fusion of vertebrae, and situated between the two hip bones.

Coccyx

The small, triangular bone at the base of the spinal column in humans, also known as the tailbone.

Erythrocyte

A type of blood cell that is biconcave in shape and primarily responsible for carrying oxygen from the lungs to the body's tissues and organs; commonly known as a red blood cell.

Hormone

Chemical substances produced by glands in the body that regulate the activity of cells or organs, influencing growth, mood, and metabolism.