All of the Following Statements Are True Regarding IASB's Guideline

question 16

Multiple Choice

All of the following statements are true regarding IASB's guideline that companies must demonstrate change in accounting policy as preferable or as an improvement, except

• A)Diversity in situations and characteristics of the items encountered in practice require the use of professional judgment.
• B)Changes in accounting policy are appropriate only when a company demonstrates that the newly adopted generally accepted accounting policy is more relevant and reliable than the existing one.
• C)Changes in accounting policy are appropriate only when a company demonstrates an improved income tax effect alone.
• D)All of these statements are true.

Understand the ethical use of confrontation and respect in client interactions.

Comprehend the principle of self-determination in client decisions.

Master the skill of conveying empathy in client interactions.

Identify barriers to attentive listening and strategies to overcome them.

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Definitions:

Eminent Domain

The right of a government to expropriate private property for public use, with compensation provided to the owner.

Bequeath

To leave personal property to someone through a will.

Fair Compensation

Fair Compensation is equitable financial remuneration given to an employee for their services or to a party as reparation for loss, damage, or injury.

Safe-Deposit Box

A secure container, usually found in banks or private vaults, where individuals can store valuable items such as documents and jewelry.