All changes in accounting estimates should be accounted for only in the period of the change; there is no effect on future periods.

Name: All changes in accounting estimates should be accounted for only in the period of the change; there is no effect on future periods.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Changes in accounting estimates not only affect the period of the change but also have an effect on future periods, as they often involve revisions of future benefits or obligations.

All Changes in Accounting Estimates Should Be Accounted for Only