All of the Following Statements Regarding Changes in Accounting Principles

question 2

Multiple Choice

All of the following statements regarding changes in accounting principles are true except which of the following?

• A)Most changes in accounting principles are only reported in current periods when the principle change takes place.
• B)Changes in accounting principles are allowed when new principles are preferable to old ones.
• C)Most changes in accounting principles are retroactively reported.
• D)Consistency is one of the biggest concerns when a change in accounting principle is undertaken.

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Definitions:

Person-Job Matching

The process of aligning the skills, interests, and attributes of individuals with the demands and characteristics of specific jobs to enhance job satisfaction and performance.

Employee Aptitudes

The natural abilities or talents that individuals possess, which can influence their performance and effectiveness in certain job roles.

Newly Hired

Refers to employees who have recently been employed by an organization and are in the early stages of integrating into their roles.

Situational Factors

External and internal factors that can influence the outcomes of decision-making processes or behaviors in organizational settings.