Which statement concerning accounting for accounting changes and errors is not true?
A)An error is accounted for retrospectively.
B)A change in accounting principle is accounted for prospectively.
C)A change in accounting principle may be accounted for retrospectively.
D)A change in accounting estimate is accounted for prospectively.

Question

Quizplus · Accepted Answer

A change in accounting principle is generally accounted for retrospectively, not prospectively, unless it is impracticable to determine the period-specific effects or the cumulative effect of the change.

Which Statement Concerning Accounting for Accounting Changes and Errors Is