Following U

question 60

Multiple Choice

Following U.S. Generally Accepted Accounting Principles, how is a change in accounting estimate handled?

• A)The new estimate must be used in the current and future years only.
• B)The new estimate must be used in the prior year financial statements only.
• C)The new estimate must be used in the future years only.
• D)The new estimate must be used in the prior, current and future years.

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Definitions:

Passionate

Exhibiting or characterized by intense feelings of enthusiasm or affection.

Investment Model

A theory in relationship psychology that examines commitment as a function of satisfaction, quality of alternatives, and investment size.

Alternatives

Other options or choices available in a situation from which a selection can be made.

Investments

The allocation of resources, usually financial, into assets or endeavors expected to yield returns or profits over time.