Generally Accepted Methods of Accounting for a Change in Accounting

question 70

Multiple Choice

Generally accepted methods of accounting for a change in accounting principle include

• A)restating prior years' financial statements presented for comparative purposes
• B)including the cumulative effect of the change in net income
• C)prospective changes
• D)making a prior period adjustment

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Definitions:

Vermis

The central part of the cerebellum, connecting the two hemispheres and involved in coordinating posture and locomotion.

Brainstem

The central trunk of the brain, consisting of the medulla oblongata, pons, and midbrain, controlling vital life functions such as breathing and heart rate.

Cardiac Center

A region of the brainstem responsible for regulating the rate and force of the heartbeat.

Vasomotor Center

A regulatory area in the brain responsible for controlling blood vessel diameter and thus blood pressure.