Which Type of Accounting Change May Be Accounted for in Current

question 37

Multiple Choice

Which type of accounting change may be accounted for in current and future periods only?

• A) change in accounting estimate
• B) change in inventory costing method
• C) change in accounting policy
• D) correction of an error

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Definitions:

Development

A comprehensive term that encompasses the various stages and processes of growth and change, physical, cognitive, and social, that occur throughout a human's life.

Varies

Refers to the differences or changes in size, amount, degree, or nature among things or over time.

Working Memory

The part of short-term memory that is concerned with immediate, conscious perceptual and linguistic processing.

Functions

In mathematics, the relationship or expression that associates each element of a set with exactly one element of another set. In general use, it refers to the natural purpose or activities specific to a person, thing, or institution.