A Change in Accounting Policy

question 86

Multiple Choice

A change in accounting policy

• A)is accounted for on a retrospective basis, without restatement.
• B)allows management to bias financial reporting.
• C)is accounted for on a prospective basis, with restatement.
• D)is accounted for in the same manner as an error correction.

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Definitions:

Individualists

People who prioritize personal independence and self-reliance over conformity to group norms.

Present

The current moment or period in time, as opposed to the past or future.

Near Future

A term referring to the time period that is just ahead, often used in the context of anticipated events or trends.

Participatives

A leadership or organizational style that emphasizes involvement and participation of all members in decision-making processes.