Which of the Following Is Not Correct Regarding the Provisions

question 58

Multiple Choice

Which of the following is not correct regarding the provisions of IAS No.8 on accounting changes and error corrections?

• A) A change in accounting estimate is reflected in the current and future periods.
• B) A change in depreciation method (such as from an accelerated method to the straight-line method)is classified as a change in estimate.
• C) A change in depreciation method (such as from accelerated method to the straight-line method)is classified as a change in accounting principle.
• D) IAS No.8 generally reflects a preference for restating prior results to improve comparability of financial statements.

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Definitions:

Date of Dissociation

The specific date on which a member's involvement in a partnership or entity ends.

Unlimited Liability

A legal structure where business owners' personal assets can be used to pay off the business's debts and liabilities.

General Partner

An owner of a partnership who has unlimited liability and is active in managing the business.

LLLP

Stands for Limited Liability Limited Partnership, a form of partnership that provides all its partners with limited liability protections.