Sometimes a Change in Estimate and a Change in Accounting

question 79

True/False

Sometimes a change in estimate and a change in accounting principle are undistinguishable therefore a company should account for the change as a change in accounting principle.

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Definitions:

Slowing

The reduction in speed or rate of an activity or process.

Current

A directional movement of water, which can be caused by temperature, salinity differences, wind, or tidal forces in the ocean.

Sediment

Particles or fragments of rocks, minerals, or organic materials that have been transported and deposited by wind, water, or ice.

Standing Body

Refers to a body of water, such as a lake or pond, that is contained in a basin and does not flow like rivers or streams.