A Change That Uses the Prospective Approach Is Accounted for By

question 105

Multiple Choice

A change that uses the prospective approach is accounted for by:

• A) Implementing it in the current year.
• B) Reporting pro forma data.
• C) Retrospective restatement of all prior financial statements in a comparative annual report.
• D) Giving current recognition of the past effect of the change.

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Definitions:

Contact List

A collection of names, addresses, phone numbers, and other pertinent details of individuals or organizations.

Email Address

A unique identifier for an email account that allows messages to be sent to and from the user, typically in the format [e-mail].

Phone Number

A sequence of digits and possibly other characters that uniquely identifies a telephone line for the purposes of establishing telecommunication connections.

Birthday

The anniversary of the day on which a person was born, often celebrated as a yearly occasion.