A Change in Accounting Principle Occurs When a Company Voluntarily

question 117

True/False

A change in accounting principle occurs when a company voluntarily changes from one acceptable accounting principle to another and when a standard-setting authority issues a new accounting standard that requires the change in accounting principle.

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Definitions:

Navigation Pane

A user interface component that displays a hierarchical view of the documents or objects in a program, allowing for easy access and organization.

Primary Key

A unique identifier for each record in a database table, ensuring data integrity and enabling efficient data retrieval.

Duplicate Copy

A precise replica or copy of a document, file, or data set, created as a backup or for distribution purposes.

Access Database

A system from Microsoft for managing databases, integrating the relational Microsoft Jet Database Engine, graphical interface, and development tools for software.