Which Statement Is Correct

question 150

Multiple Choice

Which statement is correct?

• A)Accounting policy changes should reflect changes in economic circumstances.
• B)Accounting errors are corrected prospectively in the financial statements.
• C)Changes in accounting estimates are corrected retrospectively in the statements.
• D)Correction of accounting errors proves that management bias exists in reporting.

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Definitions:

Child Maltreatment

Intentional harm to or avoidable endangerment of anyone under 18 years of age.

Delayed Development

A slower rate of physical, emotional, or cognitive growth in children compared to the typical development benchmarks.

Childhood Death

The occurrence of death before reaching adulthood, often considered a tragic event affecting families and communities.

High-Risk Situation

Circumstances or environments that have a higher likelihood of leading to harm or negative outcomes.