A Change in an Accounting Estimate Is

question 107

Multiple Choice

A change in an accounting estimate is:

• A) Reflected in past financial statements.
• B) Reflected in future financial statements and also requires modification of past statements.
• C) Reflected in current and future years' financial statements, not in prior statements.
• D) Not allowed under current accounting rules.
• E) Considered an error in the financial statements.

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Definitions:

Media Richness

refers to the ability of a communication medium to effectively convey information and promote understanding.

Promote Learning

Actions or strategies aimed at enhancing the acquisition of knowledge, skills, attitudes, and behaviors among individuals or groups.

Timely

Occurring at a suitable or opportune moment, ensuring relevance and effectiveness.

Personal Feedback

The information given to individuals regarding their performance, behavior, or characteristics, intended to support their development and improvement.