Which of the Following Statements Regarding Changes in Accounting Principles

question 160

Multiple Choice

Which of the following statements regarding changes in accounting principles is not true?

• A)Most changes in accounting principles are only reported in current periods when the principle change takes place.
• B)Changes in accounting principles are allowed when new principles are preferable to old ones.
• C)Most changes in accounting principles are retroactively reported.
• D)Consistency is one of the biggest concerns when a change in accounting principle is undertaken.

Appreciate the factors considered important in long-term relationships by emerging adults.

Acknowledge the potential for personality changes beyond adolescence and the job patterns among young adults.

Understand the concept of test-retest reliability.

Understand the concept of different forms of validity including content, concurrent, construct, and discriminant validity.

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Definitions:

Cash Disbursements

The outflow of cash for the purpose of payment, often documented for accounting purposes.

Direct Materials

Raw materials that are directly used in the manufacturing of a product and can be easily traced to the product.

Wages Expense

The total amount of compensation paid to employees for their labor, including hourly wages and salaries, before any deductions.

Budgeted Cost

Budgeted Cost refers to the estimated financial expenditure associated with a project or activity, outlined during the budgeting process.