Which of the Following Statements Is Correct

question 15

Multiple Choice

Which of the following statements is correct?

• A)Changes in accounting policy are always handled in the current or prospective period.
• B)Prior statements should be restated for changes in accounting estimates.
• C)A change from expensing certain costs to capitalizing these costs due to a change in the period benefited, should be handled as a change in accounting estimate.
• D)Correction of an error related to a prior period should be considered as an adjustment to current year net income.

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Definitions:

Structural Integration

A concept in organization development focusing on aligning the structure of an organization with its objectives.

Cultural Differences

Variations in the norms, values, beliefs, and practices among people from different backgrounds or societies.

Empathy

The ability to understand and share the feelings of another person, allowing for better communication and interpersonal relationships.

Tolerance

The acceptance and open-mindedness towards differences in opinions, beliefs, and practices among individuals or groups.