A Change in Accounting Policy Should

question 14

Multiple Choice

A change in accounting policy should

• A)be based on changes in the underlying economics of business transactions.
• B)not be based on management's best discretion.
• C)be based on improving the comparability of financial reporting.
• D)not be based on changes to accounting standards.

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Definitions:

Public Defenders

Legal attorneys appointed by the court to represent individuals who cannot afford to hire a private lawyer in criminal proceedings.

Deceptive Tactics

Strategies or maneuvers in negotiations or competitions aimed at misleading or tricking the other party to gain an advantage.

Desirability

The quality of being wanted or wished for due to attractiveness, usefulness, or value.

Negotiators

Parties that engage in the process of discussing terms in order to resolve conflicts or finalize deals.