Changes in Accounting Principles

question 86

Multiple Choice

Changes in accounting principles:

• A)are reported for the current and future periods on the new basis.
• B)require the company to retrospectively restate all prior-period amounts presented for comparative purposes.
• C)are not allowed under GAAP.
• D)are shown on the balance sheet.

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Definitions:

Heart Disease

A term covering a range of conditions that affect the heart, such as coronary artery disease, heart attacks, congestive heart failure, and congenital heart defects.

Prospective Memory

Memory of things one has planned for the future.

Retrieve Information

The process of recalling or accessing stored information from memory for immediate use.

Orgasm

A peak of sexual pleasure, with involuntary muscle contractions in the genital area and often resulting in the release of sexual tension.