Changes in Accounting Principles Generally Are Reported as

question 38

Multiple Choice

Changes in accounting principles generally are reported as

• A) adjustments to current and/or prior period statements.
• B) extraordinary items.
• C) adjustments to current period statements only.
• D) adjustments to prior period statements.

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Definitions:

Act of Passion

Refers to an action taken in a moment of intense emotion, especially love or anger, that is not premeditated.

Temporary Insanity

A legal defense theory that suggests an individual was incapable of understanding the nature of their actions due to a transient psychiatric state at the time of the criminal act.

Junk Food

Describes food that is high in calories but low in nutritional value, often characterized by high levels of sugar, fat, and salt.

Obsession

An idea or thought that continually preoccupies or intrudes on a person's mind, often unwantedly.