A Change in Accounting Estimate and a Change in Reporting

question 5

True/False

A change in accounting estimate and a change in reporting entity are types of changes in accounting principle.

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Definitions:

Jurisdiction

The official power to make legal decisions and judgments.

Literally Translated

"Literally translated" refers to the process of converting text or speech from one language to another in a way that adheres exactly to the original meanings, words, and phrases without interpretation or modification.

Court System

The organizational structure of courts within a jurisdiction, responsible for administering justice, including interpreting and applying the law.

Specific Action

An explicit, defined activity or measure taken to achieve a particular goal or outcome.