Which of the following statements regarding accounting change is correct? a. Change in depreciation method is accounted for as a change in accounting policy. b. Change in accounting estimate is accounted for in current and future periods. c. The categories of accounting changes are change in accounting estimate and correction of prior period error. d. A switch from the direct write-off method to the allowance method of accounting for bad debts is an example of change in accounting policy.
Which of the following statements regarding accounting change is correct? a. Change in depreciation method is accounted for as a change in accounting policy. b. Change in accounting estimate is accounted for in current and future periods. c. The categories of accounting changes are change in accounting estimate and correction of prior period error. d. A switch from the direct write-off method to the allowance method of accounting for bad debts is an example of change in accounting policy.
Chapter2: Audits Of High-risk Accounts
Section2.2: Golden Bear Golf, Inc.
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Which of the following statements regarding accounting change is correct?
a. Change in depreciation method is accounted for as a change in accounting policy.
b. Change in accounting estimate is accounted for in current and future periods.
c. The categories of accounting changes are change in accounting estimate and correction of prior period error.
d. A switch from the direct write-off method to the allowance method of accounting for bad debts is an example of change in accounting policy.
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