A Change in Unit Depletion Rate Would Be Accounted for as a

question 122

Multiple Choice

A change in unit depletion rate would be accounted for as a

• A) correction of an accounting error.
• B) change in accounting principle.
• C) change in accounting estimate.
• D) change in accounting estimate effected through a change in accounting principle.

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Definitions:

Agents

Individuals or entities authorized to act on behalf of another, known as the principal, in commercial transactions or legal matters.

Employees

Individuals who are hired by an employer to perform specific tasks or services in exchange for compensation.

Ratification

The act of formally approving an agreement or treaty, making it officially valid.

Principal

The party that an agent’s authority can bind or act on behalf of.