Most Changes in Accounting Principle Require a Disclosure Justifying the Change

question 39

True/False

Most changes in accounting principle require a disclosure justifying the change in the first set of financial statements that the change is made.

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Definitions:

Social Hierarchy

A system or organization in which people or groups are ranked one above the other according to status or authority.

Teleology

Teleology is the philosophical study of design and purpose in nature, suggesting that all things have inherent goals or ends towards which they strive.

Social Structures

Denotes the complex framework of societal institutions (like legal codes, organized religion, and political systems) and the patterns of social organization that shape a society's typical activities.

Different Degrees

Variations or levels of intensity, severity, or magnitude in a given context.