Changes in Accounting Methods Must Be Disclosed in Three Prominent

question 24

Multiple Choice

Changes in accounting methods must be disclosed in three prominent places. These are

• A)the auditor's report, financial statement notes, and the balance sheet.
• B)financial statement notes, the income statement, and the auditor's report.
• C)the balance sheet, the income statement, and the statement of cash flows.
• D)notes to financial statements, the management letter, and the income statement.

Understand the fundamental concepts of debits and credits in accounting.

Comprehend the structure and purpose of a general ledger in financial accounting.

Identify the characteristics and classification of different types of accounts (asset, liability, equity, revenue, and expense).

Recognize the role and construction of T-accounts in the accounting process.

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