GAAP States That If It Is Impractical to Determine the Cumulative

question 100

True/False

GAAP states that if it is impractical to determine the cumulative effect of applying a change in accounting principle to prior periods-such as when a firm adopts the LIFO inventory accounting method-the new accounting principle is to be applied as if the change was made prospectively as of the earliest date practicable.

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Definitions:

Clinical Focus

Concentration on the assessment, diagnosis, treatment, and prevention of psychological disorders.

Deinstitutionalization

The process of reducing reliance on large, centralized institutions for the treatment of individuals with mental illness, in favor of community-based services.

Normalization Program

Initiatives or strategies aimed at ensuring individuals with disabilities or other marginalized groups can live a life as close to normal as possible.

Tay-Sachs Disease

A metabolic disorder that causes progressive loss of intellectual functioning, vision, and motor functioning, resulting in death.