Where a Change in Accounting Estimates Occurs,the Following Should Be

question 11

Multiple Choice

Where a change in accounting estimates occurs,the following should be disclosed:

• A) the fact that the amount of the effect on future periods will not be disclosed because estimating that amount is impracticable.
• B) the reason for the change and comparative data to show the effect with and without the change.
• C) the nature of the change and the impact on previous income statements.
• D) the fact that the amount of the effect on future periods will not be disclosed because estimating that amount is impracticable and the reason for the change and comparative data to show the impact with and without the change.

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Definitions:

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The water found at the greatest depths of the ocean, often characterized by cold temperatures and high pressure.

Ancient Mountain Front

The original forward edge or boundary of a mountain range, often eroded and buried, indicating past tectonic and geomorphological activity.

Dark Gray Shale

A dark-colored, fine-grained sedimentary rock composed mainly of clay minerals, typically formed in low-energy environments like deep water basins.

Stratigraphic Section

A representation or diagram that shows the vertical sequence of rock layers in an area, detailing their composition, age, and relationship to one another.