Which of the Following Statements Is True

question 7

Multiple Choice

Which of the following statements is true?

• A)The last-in, first-out (LIFO)cost flow assumption is an acceptable method for costing inventories in Canada.
• B)Over time, the number of areas where management has a free choice over accounting policies has increased.
• C)A change in accounting policy is an accounting change made at the discretion of management.
• D)Changes in accounting policy occur more frequently than changes in estimates.

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Definitions:

Strategic Leadership

The process of creating or sustaining an organization by providing the right direction and inspiration.

Operating Plans

Detailed outlines of how organizational goals will be achieved within a specific period of time, detailing the resources, tasks, and schedules required.

Behavior Modification

The use of empirical and operant conditioning techniques to change undesirable behaviors into more desirable ones.

Organizational Learning

The process by which an organization improves its ability to achieve goals through the acquisition and application of knowledge.