When a Company Makes an Accounting Change,Generally Accepted Accounting Principles

question 96

True/False

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

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Definitions:

Differentia

The characteristic or set of characteristics that distinguishes one thing or category of things from another.

Camera

A device for capturing visual images in the form of photographs, video, or both, electronically or on film.

Zoom Lens

A type of camera lens that allows the focal length to change, thereby giving the photographer the capability to move closer to or farther away from a subject without physically moving.

Essential Differentia

The characteristics that differentiate an entity from others within a larger group or category.