GAAP States That a Change in Accounting Principle Includes

question 7

Multiple Choice

GAAP states that a change in accounting principle includes

• A) a change from one GAAP to another GAAP.
• B) a change in accounting principle because the principle formerly used is no longer generally accepted.
• C) a change in the method of applying an accounting principle.
• D) all of these choices.

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Definitions:

Constitutional Requirements

Criteria or rules established by a constitution that must be met for certain actions, such as holding office or passing legislation.

President

The head of state and head of government in a republic, often the highest executive authority with a significant role in government operations and policy-making.

Society

A large group of people associated with each other through persistent social interactions, shared geographical or social territory, and subject to the same political authority and dominant cultural expectations.

Constitutional Requirements

The mandates or conditions specified in the Constitution that govern how the U.S. government operates and what qualifications individuals must meet to hold certain positions.