A Change in Accounting Principle Occurs When a Company Adopts

question 66

True/False

A change in accounting principle occurs when a company adopts a principle that is different from a previously used principle that is also generally accepted.

---

Definitions:

Analytic Intelligence

One aspect of human intelligence that involves the ability to analyze, evaluate, judge, compare, and contrast information.

Intuitive

Referring to understanding or knowing something instinctively, without the need for conscious reasoning.

Strategic

refers to the careful planning and management of resources to achieve a specific goal or to gain an advantage.

Fluid Intelligence

The capacity to reason quickly and think abstractly, enabling problem solving and learning in novel situations.