When a Company Makes an Accounting Change in Estimate,Generally Accepted

question 126

True/False

When a company makes an accounting change in estimate,Generally Accepted Accounting Principles require that the company make changes to financial statements of prior years.

---

Definitions:

Bananas

A type of fruit that is elongated and curved, with soft flesh rich in starch covered by a rind, which may be green, yellow, or brown when ripe.

Peas

Small green seeds or the seed-pods of the Pisum sativum plant, commonly eaten as a vegetable.

Harry Harlow

A renowned psychologist known for his research on maternal separation and social isolation in rhesus monkeys.

Spoil

To impair the quality or condition of something, often used in relation to food or materials, but can also refer to abstract concepts such as relationships or events.