"As Described in Note 5 to the Financial Statements,General Express

question 81

Multiple Choice

"As described in Note 5 to the financial statements,General Express changed its statistical method of computing product warranty expense for the year ended December 31,2014…" is an illustration of a

• A) consistency change requiring a qualified opinion.
• B) scope limitation.
• C) departure from generally accepted accounting principles.
• D) report with a consistency modification.

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Definitions:

Life Insurance

A policy that pays a specified sum to beneficiaries upon the insured person's death.

Continued Life

A term often used in estate planning or business continuity planning that refers to an entity or agreement remaining in effect despite changes in membership or ownership.

Types of Losses

Various categories of detriment or disadvantage experienced, such as financial, operational, or reputational loss.

Nature of Activity

A descriptor of the fundamental actions, purpose, or operations of an individual, organization, or process.