Which of the Following Statements Is Not Correct

question 69

Multiple Choice

Which of the following statements is not correct?

• A) A change from an inappropriate accounting principle to a proper one should be accounted for as an accounting error.
• B) A change from an inappropriate accounting principle to a proper one should be accounted for as a change in accounting principle.
• C) A change from an inappropriate accounting principle to a proper one should be accounted for retrospectively.
• D) A change from an inappropriate accounting principle to a proper one may require an adjustment to beginning retained earnings for the earliest year reported.

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Definitions:

Taft-Hartley Act

The Taft-Hartley Act, passed in 1947, is a United States federal law that restricts the activities and power of labor unions.

McCarran-Walter Act

A 1952 law formally known as the Immigration and Nationality Act, which established the basic structure of American immigration law, including quotas and preferences based on skills and family connections but also allowed for the exclusion and deportation of immigrants based on political beliefs.

Truman's Veto

Refers to several significant vetoes by President Harry S. Truman, including those against bills he viewed as hostile to labor or civil rights, showcasing the use of presidential power to check legislative actions.

Fair Deal's Goal

The aim of President Harry S. Truman's set of proposals to Congress in 1949 for domestic policy reforms, including improved social security, housing, and civil rights.