Accounting Policy Changes Are Only Justifiable When There Is a Change

question 81

True/False

Accounting policy changes are only justifiable when there is a change to a primary source of GAAP.

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Definitions:

Cognitive Processes

The cognitive activities or operations involved in gaining comprehension and knowledge through reasoning, experiences, and sensory perception.

Construe an Experience

The process of interpreting and understanding an event or situation from a personal perspective, often influenced by one's beliefs and biases.

Cognitive Movement

Refers to the progression or development in mental processes that enable understanding, learning, problem-solving, and memory.

Terminology

A set of specialized words, terms, and phrases used in a particular field, discipline, or by a particular community.