Generally accepted methods of accounting for a change in accounting principle include
A)restating prior years' financial statements presented for comparative purposes
B)including the cumulative effect of the change in net income
C)prospective changes
D)making a prior period adjustment

Question

Quizplus · Accepted Answer

Restating prior years' financial statements for comparative purposes is a generally accepted method for accounting for a change in accounting principle, ensuring consistency and comparability across periods.

Generally Accepted Methods of Accounting for a Change in Accounting