Which of the Following Would Be Considered a Change That

question 60

Multiple Choice

Which of the following would be considered a change that does not affect comparability?

• A)Change in accounting estimate.
• B)Change in accounting principle.
• C)Correction of principle material misstatement in previously issued financial statements.
• D)None of these are considered changes that do not affect comparability.

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Definitions:

Auctioneer

A person who conducts sales at auctions by accepting bids and declaring goods sold to the highest bidder.

Bid

An offer of a certain price for something, especially at an auction.

Withdraw

The act of removing money from a bank account, or retracting from a position or commitment.

Risk of Loss

Refers to the chance or possibility that an asset or investment's value will decrease or be irrecoverably damaged or destroyed.