Changes in Accounting Estimates Are

question 202

Multiple Choice

Changes in accounting estimates are:

• A)Considered accounting errors.
• B)Reported as prior period adjustments.
• C)Accounted for with a cumulative "catch-up" adjustment.
• D)Extraordinary items.
• E)Accounted for in current and future periods.

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Definitions:

At Risk

A term used to describe individuals or groups that are exposed to a higher likelihood of experiencing negative outcomes or harm due to various factors.

Durkheim

A sociologist known for his contributions to the understanding of societal structures, collective consciousness, and social norms.

Norms

A society’s stated and unstated rules for proper conduct.

Social Fabric

The intricate network of relationships, institutions, and cultural norms that bind a society or a community together.