When Reporting a Change in an Accounting Principle,the General Rule

question 97

Multiple Choice

When reporting a change in an accounting principle,the general rule requires that the current year's income from continuing operations reflect

• A)use of the newly adopted principle for the current year recognition.
• B)use of the old principle for the current year recognition.
• C)management's choice of either the old or newly adopted principle for the current year recognition.
• D)FASB's designation of either the old or newly-adopted principle based on the item being changeD.

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Definitions:

Sexual Attractiveness

Features or qualities of a person that evoke sexual interest or desire in others.

Independence

The condition or quality of being free from control or support by another person, entity, or state.

Supportiveness

The quality of showing care, encouragement, and understanding towards others, often fostering a positive environment.

Functionalists

Scholars and theorists who analyze society by looking at the social structures that exist within it and how they serve to keep society stable and functioning.