Which of the Following Statements Is Correct

question 15

Multiple Choice

Which of the following statements is correct?

• A)Changes in accounting policy are always handled in the current or prospective period.
• B)Prior statements should be restated for changes in accounting estimates.
• C)A change from expensing certain costs to capitalizing these costs due to a change in the period benefited, should be handled as a change in accounting estimate.
• D)Correction of an error related to a prior period should be considered as an adjustment to current year net income.

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Definitions:

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Global Gender Gap Index

A framework and report by the World Economic Forum measuring gender equality across countries based on economic, educational, health, and political indicators.

Medium

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Specific Invoice Method

An inventory valuation method that tracks each item in inventory by its specific cost and invoice.