Generally Accepted Methods of Accounting for a Change in Accounting

question 120

Multiple Choice

Generally accepted methods of accounting for a change in accounting principle include

• A) restating prior years' financial statements presented for comparative purposes.
• B) including the cumulative effect of the change in current period net income.
• C) prospective changes.
• D) making a prior period adjustment.

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Definitions:

Rarefaction

A decrease in density and pressure in a medium, such as air or fluid, often related to sound waves.

Displacement

In psychology, it's a defense mechanism where an individual shifts emotional reactions from the original source of distress to a safer target.

Sound Quality

An attribute of auditory perception that allows the differentiation of sounds that have the same pitch and loudness.

Timbre

The quality of a sound that distinguishes it from other sounds of the same pitch and volume.