Which of the following statements is true?
A)The last-in, first-out (LIFO)cost flow assumption is an acceptable method for costing inventories in Canada.
B)Over time, the number of areas where management has a free choice over accounting policies has increased.
C)A change in accounting policy is an accounting change made at the discretion of management.
D)Changes in accounting policy occur more frequently than changes in estimates.

Question

Quizplus · Accepted Answer

A change in accounting policy is indeed an accounting change made at the discretion of management, often to provide more relevant or reliable information.

Which of the Following Statements Is True