Listed Below Are Five Terms Followed by a List of Phrases

question 98

Multiple Choice

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term.
-Changes in reporting entity

• A)Involves consolidated financial statements.
• B)The approach used for changes in depreciation methods.
• C)Accounting changes always handled retrospectively.
• D)Required for all material accounting changes and error corrections.
• E)Most are handled under the retrospective approach.

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Definitions:

Utilitarianism

A moral theory that suggests that the best action is the one that maximizes utility, usually defined as that which produces the greatest well-being of the greatest number of people.

Corporate Codes

Guidelines and standards established by businesses to govern the behavior and actions of their employees and ensure ethical practices.

Vague

Lacking clarity or precision in thought, expression, or meaning, often intentionally to avoid commitment or to leave something open to interpretation.

First Amendment

is an amendment to the United States Constitution that protects freedom of speech, religion, press, assembly, and petition.