Which Statement Concerning Accounting for Accounting Changes and Errors Is

question 56

Multiple Choice

Which statement concerning accounting for accounting changes and errors is not true?

• A)An error is accounted for retrospectively.
• B)A change in accounting principle is accounted for prospectively.
• C)A change in accounting principle may be accounted for retrospectively.
• D)A change in accounting estimate is accounted for prospectively.

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Definitions:

Supply Partnerships

Collaborative agreements between companies and their suppliers aimed at optimizing costs, quality, and supply chain efficiency.

Natural Resources

Materials or substances occurring in nature which can be exploited for economic gain, such as minerals, forests, water, and fertile land.

Organizational Buying Behavior

The decision-making process and actions involved when organizations purchase products or services for their own use or for resale.

Decision-making Process

The series of steps taken by individuals or businesses to identify and evaluate options before choosing a course of action.