Which of the Following Statements Is True

question 7

Multiple Choice

Which of the following statements is true?

• A)The last-in, first-out (LIFO)cost flow assumption is an acceptable method for costing inventories in Canada.
• B)Over time, the number of areas where management has a free choice over accounting policies has increased.
• C)A change in accounting policy is an accounting change made at the discretion of management.
• D)Changes in accounting policy occur more frequently than changes in estimates.

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Definitions:

Corporate Members

Individuals who are part of a corporation and contribute to its functioning, whether through decision-making roles or as part of the workforce.

Cultural Assumptions

Unspoken, implicit beliefs held by a group of people that influence their perceptions and behaviors.

Superficial Aspect

An element or characteristic of something that is apparent or visible on the surface, but does not provide depth into the true nature or essence.

Coherent Set

A collection of elements or entities that are logically consistent, connected, or unified.