A Company Changes from an Accounting Principle That Is Not

question 68

Multiple Choice

A company changes from an accounting principle that is not generally accepted to one that is generally accepted.The effect of the change should be reported as a

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

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Definitions:

Oregon Territory

A historic region on the Pacific Northwest coast of North America, claimed by several countries until becoming part of the United States in the 19th century.

Great Britain

An island in the North Atlantic Ocean that contains England, Scotland, and Wales, which together form the United Kingdom of Great Britain and Northern Ireland.

Western Land

Refers to territories in the western United States, historically significant in the context of exploration, settlement, and expansion during the 19th century.

Eastern Land

A vague term that could refer to territories or regions located to the east of a specific point of reference, often used in historical or geographical contexts.