GAAP states that a change in accounting principle includes
A) a change from one GAAP to another GAAP.
B) a change in accounting principle because the principle formerly used is no longer generally accepted.
C) a change in the method of applying an accounting principle.
D) all of these choices.

Question

Quizplus · Accepted Answer

A change in accounting principle under GAAP includes moving from one GAAP method to another, changing principles due to the previous one no longer being accepted, and altering the method of applying an existing principle.

GAAP States That a Change in Accounting Principle Includes