When an Accounting Change Is Reported Under the Retrospective Approach

question 28

Multiple Choice

When an accounting change is reported under the retrospective approach, account balances in the general ledger:

• A) Are not adjusted.
• B) Are closed out and then updated.
• C) Are adjusted net of the tax effect.
• D) Are adjusted to what they would have been had the new method been used in previous years.

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Definitions:

Activity Theories

Theories that propose older adults remain satisfied when they engage in activities that maintain their abilities and are consistent with their interests.

Aging

The process of becoming older, encompassing a range of physical, cognitive, and social changes over time.

Aging In Place

Remaining in one’s own home, with or without assistance, in later life.

Caregiver

An individual who provides care to another, especially to those who are unable to care for themselves due to youth, illness, or disability.