Current GAAP defines three types of changes:
a. Changes in accounting principle
b. Changesin accounting estimate
c. Changes in reporting entity
Define each item, give an example, and describe how it should be accounted for.

Question

Current GAAP defines three types of changes:
 a. Changes in accounting principle
b. Changesin accounting estimate
c. Changes in reporting entity
 Define each item, give an example, and describe how it should be accounted for.

Quizplus · Accepted Answer

The Answer of Current GAAP defines three types of changes:
 a. Changes in accounting principle
b. Changesin accounting estimate
c. Changes in reporting entity
 Define each item, give an example, and describe how it should be accounted for.

Current GAAP Defines Three Types of Changes