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:

Ad Valorem Tariff

A type of tax calculated as a percentage of the value of the goods being imported or exported.