A Change in Accounting Policy Should Be

question 77

Multiple Choice

A change in accounting policy should be:

• A) applied prospectively, prior periods should be restated, and the facts should be disclosed in the notes
• B) applied retrospectively, prior periods should be restated, and the facts should be disclosed in the notes
• C) requires note disclosure only
• D) does not require any special treatment

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Definitions:

Nuncupative Will

An orally delivered will, often made in anticipation of imminent death, and usually requiring witnesses, with legal recognition varying by jurisdiction.

Notarial Will

A will that is drafted and executed with formalities dictated by law, often involving a notary and witnesses.

Holographic Will

a will written entirely in the handwriting of the person making it (testator), typically not witnessed, and subjected to specific legal requirements to be considered valid.

Extraordinary Medical Technology

Refers to advanced and often groundbreaking medical devices, treatments, or procedures that significantly exceed the current standard of care.