Where an Accounting Estimate Has Been Revised Materially the Item

question 14

Multiple Choice

Where an accounting estimate has been revised materially the item is:

• A)to be accounted for retrospectively;
• B)not required to be recognised in the current period;
• C)to be accounted prospectively;
• D)to be adjusted in the comparative numbers of previous periods.

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Definitions:

Intranet

A private network accessible only by an organization's staff, primarily used to share information, operational systems, or services within the company.

Monotony

A situation or series of experiences that are dull and repetitious due to lack of variety and interest.

Sentence Balance

The arrangement of words and phrases in a sentence to ensure equal and symmetrical grammatical structure, often for emphasis or rhythm.

Direct Strategy

A straightforward approach aimed at achieving an objective without any diversions or detours.