A Change That Uses the Prospective Approach Is Accounted for By

question 105

Multiple Choice

A change that uses the prospective approach is accounted for by:

• A) Implementing it in the current year.
• B) Reporting pro forma data.
• C) Retrospective restatement of all prior financial statements in a comparative annual report.
• D) Giving current recognition of the past effect of the change.

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Definitions:

Flexes

Refers to the action of bending a limb or joint.

Rotates

To move or turn around a central point or axis.

Below The Elbow

Referring to the part of the arm or to treatments and prosthetics that are applied to the forearm and hand, distal to the elbow joint.

Abbreviation

A slimmed-down version of a word or phrase.