All of the Following Statements Regarding Changes in Accounting Principles

question 146

Multiple Choice

All of the following statements regarding changes in accounting principles are true except which of the following?

• A) Most changes in accounting principles are only reported in current periods when the principle change takes place.
• B) Changes in accounting principles are allowed when new principles are preferable to old ones.
• C) Most changes in accounting principles are retroactively reported.
• D) Consistency is one of the biggest concerns when a change in accounting principle is undertaken.

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Definitions:

Institutionalized

The process by which individuals are deeply immersed and acclimated into an organized system or structure, such as a prison, hospital, or long-term care facility.

Nonparents

Individuals or couples who either choose not to have children or do not have children due to various circumstances.

Personality Traits

Enduring characteristics or qualities that form an individual's distinctive character and influence behaviors and responses to different situations.

Late Adulthood

A stage of human development that occurs from the mid-60s onward, characterized by changes in physical health, cognitive function, and social roles.