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:

Prosperity

A state of flourishing, success, or wealth in a social or economic context.

Cyrus Field

An American entrepreneur and inventor best known for laying the first successful transatlantic telegraph cable in 1858, revolutionizing international communication.

Transatlantic Telegraph Cable

An undersea cable laid across the Atlantic Ocean used for telegraph communications, first successfully completed in 1866, markedly reducing communication time between Europe and North America.

Underwater

The term "underwater" refers to being submerged in or covered by water, often used in the context of diving, marine environments, or submerged objects.