The accounting changes identified by current GAAP include all of the following except
A)correction of an error
B)change in accounting principle
C)change in accounting estimate
D)change in reporting entity

Question

Quizplus · Accepted Answer

Correction of an error is not considered an accounting change under current GAAP; instead, it is treated as a prior period adjustment. Changes in accounting principles, estimates, and reporting entities are recognized as accounting changes.

The Accounting Changes Identified by Current GAAP Include All of the Following