When a Change in Estimate Is Made, There Is No

question 197

True/False

When a change in estimate is made, there is no correction of previously recorded depreciation expense.

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Definitions:

Profit Potential

Profit potential refers to the capacity of a business or investment to generate earnings over time, considering factors like market demand, competition, and cost structures.

Local Workforce

refers to employees or laborers who live in the surrounding area or community where the business or industry operates, often contributing to local economic development.

Educational Systems

The structures and processes in place designed to impart knowledge, skills, and cultural norms to individuals, typically through formal institutions like schools and universities.

Human Resource Deficits

Situations where an organization lacks the necessary staffing levels or skill sets to achieve its objectives effectively.