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The Cumulative Effect of Changing Accounting Principles Is Only Reported

question 21

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The cumulative effect of changing accounting principles is only reported for the year of the change.


Definitions:

Equilibrium Constant

A numerical value that expresses the ratio of concentrations of products to reactants at equilibrium for a reversible chemical reaction at a constant temperature.

Reactants

Substances initially present in a chemical reaction that are consumed during the reaction to make products.

Products

Substances that are formed as a result of a chemical reaction, found on the right side of a chemical equation.

Constant Temperature

A condition or process that occurs at an unchanging temperature, regardless of other varying factors.

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