Changes in Accounting Estimates Are

question 10

Multiple Choice

Changes in accounting estimates are:

• A) Accounted for in the period of the change and future periods.
• B) Considered to be a change in accounting policy.
• C) Considered to be accounting errors.
• D) Accounted for with a cumulative "catch-up" adjustment.
• E) Reported by retrospective restatement of financial statements.

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Definitions:

Ethnocentrism

The practice of evaluating other cultures according to preconceptions originating in the standards and customs of one's own culture.

Non-Human

Entities or beings that are not classified as human, including animals, plants, artificial intelligence, and supernatural creatures.

Acclimatizes

The process of becoming accustomed to a new climate, environment, or situation, often involving physiological or behavioral changes.

Material Culture

Consists of the physical objects, resources, and spaces that people use to define their culture, including buildings, artifacts, tools, and art.