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:

Education System

The structure of formalized teaching and learning, typically including schooling at various levels (elementary, secondary, and tertiary), governed by educational policies.

American Productivity

The efficiency of production in the United States, measuring output per unit of labor.

Malthusian Population Theory

A theory proposed by Thomas Malthus suggesting that population growth will outpace agricultural production, leading to widespread famine and hardship unless checked by societal controls or natural limits.

World's Food Supply

The total amount of food produced and available for consumption globally, influenced by agricultural practices, climate conditions, trade policies, and economic factors.