Which of the Following Is Characteristic of a Change in Accounting

question 91

Multiple Choice

Which of the following is characteristic of a change in accounting estimate?

• A)Requires the reporting of income statements amounts for prior periods
• B)Never needs to be disclosed
• C)Does not affect the financial statements of prior periods
• D)Should be reported through restatement of the financial statements

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Definitions:

Hegemony

The dominance of one group or ideology over others, often exercised through cultural, economic, or political means.

Common Sense

The ability to think and behave in a reasonable way and to make sound decisions based on simple perceptions of the situation.

Social Life

The collective term for all forms of interactions and relationships that people engage in with each other within a society.

Mediated Norm

Social norms and behaviors that are influenced and shaped by media consumption, reflecting the impact of media on cultural standards and expectations.