Companies Should Report the Cumulative Effect of an Accounting Change

question 143

Multiple Choice

Companies should report the cumulative effect of an accounting change in the income statement:

• A) In the quarter in which the change is made.
• B) In the annual financial statements only.
• C) In the first quarter of the fiscal year in which the change is made.
• D) Never.

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Definitions:

Acyclovir

An antiviral drug used to treat infections caused by herpes viruses, including genital herpes, cold sores, shingles, and chicken pox.

Prostate-Specific Antigen

A protein produced by the prostate gland, elevated levels of which can indicate prostate cancer or other prostate-related conditions.

Benign Prostatic Hyperplasia

A condition in men where the prostate gland is enlarged, leading to discomfort and problems with urination.

Circumcision

A surgical procedure involving the removal of the foreskin from the human penis, often performed for religious or health reasons.