The accounting changes identified by current GAAP include all of the following except
A) change in correction of an error.
B) change in accounting principle.
C) change in accounting estimate.
D) change in reporting entity.

Question

Quizplus · Accepted Answer

Changes in correction of an error are not considered accounting changes under current GAAP. Instead, they are treated as prior period adjustments. Changes in accounting principle, changes in accounting estimate, and changes in reporting entity are recognized as accounting changes.

The Accounting Changes Identified by Current GAAP Include All of the Following