The accounting changes identified by current GAAP include all of the following except

A) correction of an error
B) change in accounting principle
C) change in accounting estimate
D) change in reporting entity

Question

Berna Mgandani · Accepted Answer

Final Answer : A, Explanation :  Correction of an error is not considered an accounting change under current GAAP; instead, it is treated as a prior period adjustment. Changes in accounting principles, estimates, and reporting entities are recognized as accounting changes.

The accounting changes identified by current GAAP include all of the following except

A) correction of an error
B) change in accounting principle
C) change in accounting estimate
D) change in reporting entity

Definitions

Learning Objectives

Learning Objectives

Related questions

The accounting changes identified by current GAAP include all of the following exceptA) correction of an errorB) change in accounting principleC) change in accounting estimateD) change in reporting entity

Definitions

Learning Objectives

Learning Objectives

Related questions

The accounting changes identified by current GAAP include all of the following except

A) correction of an error
B) change in accounting principle
C) change in accounting estimate
D) change in reporting entity