Which of the following is the proper time period in which to record a change in accounting estimate?
A) Current period and future periods
B) Current period and retroactively
C) Retroactively only
D) Current period only

Question

Quizplus · Accepted Answer

According to accounting standards, a change in accounting estimate should be applied prospectively to the current and future periods affected by the estimate. This means that the change should be recorded in the current period and in all future periods impacted by the estimate. Therefore, option A is the correct answer.

Which of the Following Is the Proper Time Period in Which