A Change in Accounting Principle Occurs When the Principle Used

question 190

True/False

A change in accounting principle occurs when the principle used in the current year is different from the one used by competitors in the current year.

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Definitions:

Statute

A written law passed by a legislative body at the national or local level.

Common Law

A body of unwritten laws based on legal precedents established by the courts.

Early English Kings

Monarchs who ruled over England during the early historical periods, often considered up to the Norman Conquest of 1066.

Contractual Rights

Legal rights granted to parties in a contract, specifying what each is entitled to receive or obligated to perform under the agreement.