Following U

question 60

Multiple Choice

Following U.S. Generally Accepted Accounting Principles, how is a change in accounting estimate handled?

• A)The new estimate must be used in the current and future years only.
• B)The new estimate must be used in the prior year financial statements only.
• C)The new estimate must be used in the future years only.
• D)The new estimate must be used in the prior, current and future years.

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Definitions:

Networking

The act of establishing and maintaining professional relationships that can provide support, information, and resources for career development or organizational growth.

Agendas

Lists or plans of items to be discussed or acted upon in meetings or gatherings.

Managerial Roles

The specific functions or responsibilities that managers assume in an organization to achieve goals, including planning, organizing, leading, and controlling.

Monitor

To observe and check the progress or quality of (something) over a period of time; keep under systematic review.