The Underlying Principle of the Retrospective Application Method Is to

question 59

Multiple Choice

The underlying principle of the retrospective application method is to

• A) apply changes currently and in the future.
• B) present all comparative periods as if the new accounting policy had always been used.
• C) make assumptions about what management's intent was in prior years.
• D) disclose all mistakes made in the past.

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Definitions:

Head-Of-Government

The chief officer of the executive branch of a government, often a prime minister or a president, responsible for leading the country's administration and implementing laws.

Organizational Hierarchy

A structured arrangement of roles and responsibilities within an organization, creating a ranked system of authority.

Internal Structure

refers to the arrangement of elements or components within an entity, organization, or system, determining how it functions or operates.

Policy

A course or principle of action adopted or proposed by an organization or individual.