A Change in Accounting Estimate Affected by a Change in Accounting

question 68

Multiple Choice

A change in accounting estimate affected by a change in accounting principle should be reported as

• A) a change in accounting principle.
• B) a change in accounting estimate and a change in accounting principle.
• C) a change in accounting estimate.
• D) neither a change in accounting estimate nor a change in accounting principle.

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Definitions:

Relationship

Pertains to the connections and interactions between a business and its customers, aiming to foster loyalty and long-term engagement.

Demand Curve

A graph that illustrates the relationship between the price of a good or service and the quantity demanded by consumers.

Price and Demand

Describes the relationship between the price of a good or service and the willingness of people to either buy or sell it at that price.

Assumption

A belief or statement taken for granted without proof, often serving as a basis for further reasoning or arguments.