All of the Following Statements About Changes in Accounting Policy

question 54

Multiple Choice

All of the following statements about changes in accounting policy are correct EXCEPT

• A) are sometimes required because of a change in accounting standards.
• B) do not result in changes to prior periods.
• C) are allowed if it results in the financial statements providing more relevant and reliable information.
• D) are implemented retroactively.

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Definitions:

Enteropathogenic E. Coli

A type of Escherichia coli bacteria that causes diarrhea by colonizing the intestinal mucosa, mainly affecting infants and young children.

Diarrhea

The condition of having frequent and liquid bowel movements, which can lead to dehydration and electrolyte imbalance.

ADH Secretion

The method through which the pituitary gland secretes the hormone known as antidiuretic hormone (ADH) or vasopressin to maintain the body's water equilibrium.

Buffer Mechanisms

Biological systems that maintain the pH of body fluids within a narrow range, crucial for homeostasis.