When a Company Makes a Change in Accounting Estimate, the Company

question 66

True/False

When a company makes a change in accounting estimate, the company must disclose in the notes the effect of the change in its income from continuing operations.

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Definitions:

Internal Causes

refer to factors within an individual, such as personal beliefs or emotions, that influence their behavior or actions.

External Causes

Factors outside an individual's or organization's control that affect outcomes or conditions, often contrasted with internal causes.

Stereotyping

The act of categorizing individuals into specific groups based on preconceived notions or characteristics, often leading to biased judgments and actions.

Prejudice

A preconceived opinion or judgment towards people or things, often based on stereotypes rather than actual experience or knowledge.