Changes in Accounting Principle Arise Only When There Are Changes

question 70

True/False

Changes in accounting principle arise only when there are changes mandated by a standards-setting body such as the FASB.

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Definitions:

Hyper-Norms

Universal principles or standards that govern behavior and transcend cultural, religious, and societal differences.

Human Dignity

The inherent worth of all individuals regardless of status, ensuring they are treated with respect and fairness.

Cultural Relativism

The idea that to truly grasp the beliefs and actions of a person, one must interpret them within the context of that person's specific cultural background.

Ethical Standards

The principles of right conduct guiding what people consider to be morally good or bad in their behavior and decision-making.