Changes in estimates are recognized prospectively by
A) deferring gains and recognizing any losses associated with the change.
B) recording the effect of the change in other comprehensive income.
C) reporting the effect of the change in a profit or loss.
D) debiting or crediting the change in estimates reserve.
Correct Answer:
Verified
Q1: Retrospective adjustment means:
A) Changes must be made
Q2: Which of the following is an example
Q3: Which of the following statements is true
Q4: Changes in estimates are:
A) Recognized retrospectively.
B) Deferred
Q5: Prospective adjustment means:
A) Changes must be made
Q7: Errors in accounting entries result from all
Q8: Errors should be corrected
A) only when fraud
Q9: Corrections of prior period errors are
A) accounted
Q10: The impracticability criterion for exemption from changing
Q11: Accounting policy elections must be followed consistently
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