A Change in Accounting Estimate Does Not Result in a Retrospective

question 25

True/False

A change in accounting estimate does not result in a retrospective adjustment to previously issued financial statements.

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Definitions:

Percent

A rate, number, or amount in each hundred; a fraction of a whole expressed in hundredths.

Billion Dollars

Billion Dollars represents a sum of one thousand million dollars, often used to describe the scale of government budgets or large company values.

Fiscal Quarter

A three-month period within a fiscal year used for financial reporting and forecasting.

Forecast Profit

An estimate of future financial gain or income, usually based on analysis of current and past trends.