Prospective application of recognizing the effect of a change in an accounting estimate means A. correcting the recognition, measurement and disclosure of amounts of elements of financial statements as if a prior period error had never occured B. recognizing the effect of the change in the accounting estimate in the current and future periods affected by the change C. applying a new accounting policy to transactions other events and conditions as if the policy had always been applied D. Any of the choices
Prospective application of recognizing the effect of a change in an accounting estimate means A. correcting the recognition, measurement and disclosure of amounts of elements of financial statements as if a prior period error had never occured B. recognizing the effect of the change in the accounting estimate in the current and future periods affected by the change C. applying a new accounting policy to transactions other events and conditions as if the policy had always been applied D. Any of the choices
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prospective application of recognizing the effect of a change in an accounting estimate means
A. correcting the recognition, measurement and disclosure of amounts of elements of financial statements as if a prior period error had never occured
B. recognizing the effect of the change in the accounting estimate in the current and future periods affected by the change
C. applying a new accounting policy to transactions other events and conditions as if the policy had always been applied
D. Any of the choices
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