When Reporting a Change in Accounting Principle, Required Disclosure(s)on the Income

question 65

Multiple Choice

When reporting a change in accounting principle, required disclosure(s) on the income statement include

• A)a per share amount for the cumulative effect of the change.
• B)the cumulative effect on prior years, net of tax.
• C)the cumulative effect be disclosed immediately after discontinued operations.
• D)silly question: a change in accounting principle is not reported on the income statement.

---

Definitions:

Democratic Party

One of the two major political parties in the United States, traditionally associated with progressive and liberal policies.

Whig Party

A political party active in the middle of the 19th century in the United States, which was opposed to the policies of the Democratic Party and advocated for a more active role of the federal government, especially in supporting a market economy.

Know-Nothings

A political movement in the mid-19th century United States that was anti-immigrant and anti-Catholic, advocating for strict immigration laws.

Pro-Protestant

Favoring or supporting the Protestant faith or its adherents.