Regardless of the Type of Accounting Change That Occurs, the Most

question 104

Multiple Choice

Regardless of the type of accounting change that occurs, the most important responsibility is:

• A) To properly determine the tax effect.
• B) To communicate that a change has occurred.
• C) To compute the correct amount of the change.
• D) None of these answer choices are correct.

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Definitions:

Firm Offer

A rule that no consideration is necessary when a merchant agrees in writing to hold an offer open for the sale of goods.

Consideration

The value (such as money, a promise, or an act) exchanged between parties in a contract.

E-mail

A method of exchanging messages digitally across the internet or other computer networks.

Automobile Title Certificate

A legal document issued by a government agency that proves ownership of a vehicle.