Change in an Accounting Principle Is Accounted for

question 72

Multiple Choice

Change in an accounting principle is accounted for

• A) prospectively.
• B) by a prior period adjustment.
• C) by a retrospective application of a new accounting principle.
• D) by constructive application of a new accounting principle.

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Definitions:

Low-Cost

Describing products, services, or strategies that require minimal financial outlay.

High-Risk

Situations or decisions characterized by a high possibility of loss, failure, or negative outcomes, requiring careful assessment and management.

Influence Tactics

Strategies or actions used by individuals or groups to persuade or direct the behavior or decision-making of others towards a desired outcome.

Ethical and Honest

Behaviors and practices that are morally right, characterized by fairness, transparency, and integrity.