Which statement is correct?
A) Accounting policy changes should reflect changes in economic circumstances.
B) Accounting errors are corrected prospectively in the financial statements.
C) Changes in accounting estimates are corrected retrospectively in the statements.
D) Correction of accounting errors proves that management bias exists in reporting.
Correct Answer:
Verified
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Q62: Correction of an error is based on
A)new
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Q65: A change in accounting policy should
A)be based
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A)accounted for in
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