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:

Bulleted Lists

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An ordered presentation of items or ideas, where each entry is numbered to show sequence or importance.

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The ability to understand and grasp the meaning or significance of something, such as a text or situation.

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The ease with which a reader can understand and interpret the meaning of written text, influenced by factors like vocabulary and sentence structure.