Which of the Following Statements Is True with Respect to Financial

question 188

Multiple Choice

Which of the following statements is true with respect to financial statement reporting a change in accounting principle?

• A) Comparability across periods is impaired
• B) Only a footnote is required to report the change
• C) Changes in both depreciation methods and inventory methods are reported retroactively.
• D) Management must show that the new accounting principle is preferable to the old method.

Comprehend the relationship between an economy's income and expenditure.

Identify what is included and excluded in the computation of GDP.

Understand the significance of macroeconomic statistics beyond GDP.

Recognize the difference between GDP and GNP.

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