Chapter 20 - Accounting Changes & Errors

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Last updated 11:06 PM on 9/11/26
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4 Terms

1
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What is a change in accounting principle?
a. A change from one generally accepted principle to another
b. A revise of an estimate because of new information or experience
c. A change from reporting as one type of entity to another type of entity
d. A correction of an error being recorded incorrectly or not at all

A

2
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What is a change in accounting estimate?
a. A change from one generally accepted principle to another
b. A revise of an estimate because of new information or experience
c. A change from reporting as one type of entity to another type of entity
d. A correction of an error being recorded incorrectly or not at all

B

3
New cards

What is a change in reporting entity?
a. A change from one generally accepted principle to another
b. A revise of an estimate because of new information or experience
c. A change from reporting as one type of entity to another type of entity
d. A correction of an error being recorded incorrectly or not at all

C

4
New cards

What is an error correction?
a. A change from one generally accepted principle to another
b. A revise of an estimate because of new information or experience
c. A change from reporting as one type of entity to another type of entity
d. A correction of an error being recorded incorrectly or not at all

D