Which of the following statements about a change in accounting estimate is not true?
Which of the following statements about a change in accounting estimate is not true?
Chapter2: Audits Of High-risk Accounts
Section2.2: Golden Bear Golf, Inc.
Problem 5Q
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Which of the following statements about a change in accounting estimate is not true?
A. |
A change in accounting estimate can only be made when it is required to comply with an accounting standard or interpretation. |
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B. |
Changes in accounting estimates result from new information or new developments. |
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C. |
The effects of a change in accounting estimate should be applied prospectively. |
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D. |
A change in estimate is an adjustment of the carrying amount of an asset or a liability, or the amount of the periodic consumption of an asset. |
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