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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