Changes in Accounting Estimates Are

question 202

Multiple Choice

Changes in accounting estimates are:

• A)Considered accounting errors.
• B)Reported as prior period adjustments.
• C)Accounted for with a cumulative "catch-up" adjustment.
• D)Extraordinary items.
• E)Accounted for in current and future periods.

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Definitions:

Contributions

Money, goods, or services given to a business or a non-profit entity without any expectation of return, often for charitable reasons.

Artworks And Historical Treasures

Artworks and historical treasures represent valuable and culturally significant assets owned by entities, often not intended for sale but preserved for public benefit, educational purposes, and cultural preservation.

Revenue And Receivables

The income generated from normal business operations and the claims to cash or other assets by an entity, usually resulting from sales transactions.

Voluntary Health And Welfare Entities

Organizations that operate for the purpose of promoting health and welfare, primarily relying on voluntary contributions from the public.