Asked by
Nicole Jones
on Dec 06, 2024
Verified
A change in accounting estimate effected by a change in accounting principle should be reported as
A) a change in accounting principle
B) a change in accounting estimate and a change in accounting principle
C) a change in accounting estimate
D) neither a change in accounting estimate nor a change in accounting principle
Accounting Principle
Fundamental guidelines or rules that govern the accounting practices and financial reporting of companies.
Accounting Estimate
An approximation of a monetary amount in the absence of a precise means of measurement.
- Identify the differences between adjustments in accounting principles and estimates.
- Analyze the ramifications of adjustments in accounting approximations on financial statement integrity.
Verified Answer
NI
Learning Objectives
- Identify the differences between adjustments in accounting principles and estimates.
- Analyze the ramifications of adjustments in accounting approximations on financial statement integrity.
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