A Change in Accounting Principle Occurs When a Company Adopts

question 66

True/False

A change in accounting principle occurs when a company adopts a principle that is different from a previously used principle that is also generally accepted.

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Definitions:

Esteem Needs

Psychological requirements for respect, self-esteem, recognition, and a sense of achievement, as part of Maslow's hierarchy of needs.

Affiliation Needs

A psychological concept referring to an individual's need to build relationships and feel connected to others.

Self-Actualization

The realization or fulfillment of one's talents and potentialities, regarded as a drive or need present in everyone.

Existence Needs

Basic human necessities required for survival, such as food, shelter, and safety.