Accounting policy elections must be followed consistently from year to year.
Correct Answer:
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Q6: Changes in estimates are recognized prospectively by
A)
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
Q12: The consistency principle dictates that once an
Q13: Because accounting is precise, accounting estimates are
Q14: The 'impracticability' criterion for exemption from changing
Q15: Discovery of misstatements due to fraud should
Q16: A change in accounting policy involves a
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