All of the Following Statements Regarding Changes in Accounting Principle

question 225

Multiple Choice

All of the following statements regarding changes in accounting principle are true except

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

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Definitions:

Written Communication

The process of exchanging information or ideas through the written word, including traditional paper documents, emails, texts, and social media posts.

Presenting Ideas

The act of communicating new concepts or proposals to others, often with the intention of convincing or influencing the audience.

Verbal Communication

The process of exchanging information and expressing thoughts, feelings, or ideas through spoken words.

Presenting Ideas

The skill or act of effectively communicating one's thoughts, concepts, or plans to others, often with the aim of persuading or informing them.