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

question 38

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 31,2012" 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:

Two-part Tariff

A pricing mechanism that consists of a fixed fee plus a variable charge for every unit of the good or service consumed.

Estate Planning Services

Professional services aimed at assisting individuals in managing the distribution of their assets and wealth after their death.

Two-part Tariff

A pricing strategy where the price of a product or service is composed of two parts: a fixed fee plus a variable charge based on usage or consumption.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.