A Change in Accounting Estimate Is

question 56

Multiple Choice

A change in accounting estimate is

• A)Reflected only in current and future financial statements
• B)Reflected in current and future financial statements and also requires modification of past statements
• C)A change in a calculated amount used in the financial statements resulting from new information or subsequent developments and from better insight or improved judgment
• D)Both reflected only in current and future financial statements and a change in a calculated amount used in the financial statements resulting from new information or subsequent developments and from better insight or improved judgment
• E)None of these

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Definitions:

Value-based Management

A management approach that ensures corporations are managed consistently on value, maximizing shareholder value over time.

Value-based Management

A management approach that ensures corporations are managed in a way that maximizes shareholder value.

Highly Successful Companies

Organizations that consistently outperform their competitors and achieve higher than average results in revenue, innovation, customer satisfaction, and market share.

Core Values

Fundamental beliefs or guiding principles that dictate behavior and can help people understand the difference between right and wrong within an organization.