Which of the Following Items Is Reported Only in Current

question 49

Multiple Choice

Which of the following items is reported only in current and future periods?

• A) Prior period adjustment
• B) Change in accounting principle
• C) Change in estimate
• D) Effects of changing prices

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Definitions:

Profit Growth

An increase in the financial gain that results from the difference between a business's revenue and its expenses.

Retail Life Cycle

The process of growth, maturity, and decline that retail shops or formats go through, similar to product life cycles, reflecting changes in customer preferences and market dynamics.

Market Share

The segment of the marketplace dominated by a specific company or product, frequently measured as a share of the overall sales within that market.

Start-Up Costs

The initial expenses required to establish a new business, including but not limited to licensing fees, equipment, and marketing.