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:

Placenta

A critical organ that grows in the uterus throughout pregnancy, it ensures the fetus receives vital nutrients and oxygen, simultaneously expelling waste.

Secondhand Cigarette Smoke

Exposure to smoke from burning tobacco products used by others, can lead to health issues in non-smokers.

Fetal Development

Refers to the stages of growth and development of a fetus from the embryonic stage until birth, encompassing various physiological and anatomical changes.

Last Trimester

Refers to the final third of a pregnancy, typically encompassing weeks 27 through 40, when significant fetal growth and organ maturation occur.