Which of the Accounting Changes Listed Below Is More Associated

question 44

Multiple Choice

Which of the accounting changes listed below is more associated with financial statements prepared in accordance with U.S. GAAP than with International Financial Reporting Standards (IFRS) ?

• A) Change in reporting entity.
• B) Change to the LIFO method from the FIFO method.
• C) Change in accounting estimate.
• D) Change in depreciation methods.

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Definitions:

Self-Service

A business model or system where customers perform tasks typically done by staff members, such as checkout or order placement, on their own.

Merchandising Situation

Refers to scenarios or conditions affecting the buying, selling, and promotion of goods within a market.

Full Payment

Completion of all required payments, settling a debt in full or fulfilling the total cost of a purchase.

Quantum Meruit

A legal principle meaning "as much as he has earned," used to determine compensation based on the value of services rendered when no contract price is agreed upon.