Complete the following table by giving one example of a change in accounting policy for each financial statement item.
Definitions:
Understand Obligations
Recognizing and comprehending the duties and responsibilities that are part of an agreement or contract.
Capacity
The legal ability or competency of a person or entity to enter into binding contracts or perform certain acts.
Illegal Clause
A provision in a contract that is prohibited by law and therefore unenforceable.
Sever
To cut off or divide property interests or legal relationships.
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