If an Accounting Change Has No Material Effect on the Financial

question 63

Multiple Choice

If an accounting change has no material effect on the financial statements in the current year,but the change is reasonably certain to have a material effect in later years,the change should be:

• A)Referred to in the auditor's report for the current year.
• B)Disclosed in the notes to the financial statements of the current year.
• C)Disclosed in the notes to the financial statements and referred to in the auditor's report for the current year.
• D)Treated as a subsequent event.

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Definitions:

Early Childhood Professionals

Educators and other specialists who work with young children, focusing on developmental, educational, and care needs from birth to eight years old.

Development Concerns

Issues or worries related to the process of growth or improvement in a particular area, such as child development or economic development.

Mutual Respect

A reciprocal understanding and acknowledgment of the value and dignity of another person, often foundational for healthy relationships and communities.

Early Childhood Educators

Professionals specializing in the educational and developmental needs of children from birth to eight years old.