Adjusting Entries That Reflect a Change in Accounting Principle Used

question 14

Multiple Choice

Adjusting entries that reflect a change in accounting principle used to value inventories are classified as

• A)corrections.
• B)estimates.
• C)deferrals.
• D)revaluations.

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Definitions:

Color-Blindness

An ideology that proposes disregarding racial characteristics when interacting with others, with the aim of reducing discrimination, although it's critiqued for ignoring systemic racial inequalities.

Cosmopolitanism

An ideology that all human beings belong to a single community, based on a shared morality, beyond individual nation-states or cultural identities.

Intersectionality

A framework for understanding how various aspects of a person's social and political identities (race, gender, class, sexuality, etc.) combine to create different modes of discrimination and privilege.

Pan-Ethnic Groups

Broad categories that group together smaller ethnic groups based on common cultural, geographic, or racial traits.