Accounting Changes

question 112

Multiple Choice

Accounting changes:

• A)can be a way for a company to create profits when the company can't earn enough from continuing operations.
• B)must be disclosed, including their effects on earnings.
• C)are allowed under GAAP if there is a valid reason for the change.
• D)include all of the above.

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Definitions:

Regulatory Statute

Laws designed to govern and regulate specific activities or sectors, aiming to maintain public welfare, safety, and standards.

Unauthorized Transfers

Transactions or movements of assets that occur without the proper approval or consent.

UCC Article 4A

Governs the transfer of funds through electronic means between banks, establishing a legal framework for such transactions.

Wholesale Funds Transfers

involves the large-scale movement of money, typically through electronic systems, between banking institutions or within large corporations.