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:

Set-Point

The theory that each individual has a genetically determined range of weight and temperature that their body will try to maintain to stay at optimal health.

Metabolism

The complex set of chemical reactions within a living organism that are necessary for the maintenance of life, involving energy production and utilization.

Food Restriction

The practice of limiting the amount and/or type of food ingested, often used for weight control or medical reasons.

Obesity

A medical condition involving excess body fat that increases the risk of health problems.