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According to Accounting Changes and Errors Corrections, which of the following is NOT the type accounting change that must be disclosed to avoid misleading the user of financial statements?
Suggested Answer: D
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14 comments · newest first
WI
Wilda
11 months ago
Estimates (B) are often overlooked, but they should be disclosed too!
LI
Lilli
11 months ago
Reporting entities (C) can be tricky, but I think they still need disclosure.
AL
Allene
12 months ago
Wait, are liability omissions really not a change? That seems off.
UN
Una
12 months ago
I agree, A is the right choice!
AN
Angella
12 months ago
Definitely A, accounting principles need to be disclosed.
PA
Paris
1 year ago
From what I studied, I believe that liability omissions are not considered a type of accounting change that requires disclosure.
TI
Tina
1 year ago
I’m a bit confused; I thought all changes had to be disclosed. I need to remember the specifics about liability omissions.
PA
Paris
1 year ago
I remember practicing a question similar to this, and I think reporting entities might not require disclosure like the others do.
NA
Nadine
1 year ago
I think accounting principles and estimates are definitely types of changes that need disclosure, but I'm not sure about liability omissions.
LE
Leanna
1 year ago
No problem, I've got this. The business analysis plan lays out the change control process, so I'll make sure to follow that to the letter.
CH
Charlene
1 year ago
The key here is to think about the purpose and design of a loading bay versus a staff entrance. A dedicated staff entrance is likely the best approach to ensure smooth access and avoid any potential issues.
LE
Lenna
1 year ago
No problem, this is a classic finance question. I'll just need to remember the compound interest formula and plug in the growth rate and time period. Should be a quick calculation.
TI
Tien
1 year ago
I remember that using tokens is definitely a security best practice after authenticating clients, but I'm not sure about the second option.
KY
Kyoko
1 year ago
I'm a bit confused by this one. I'm not sure which of these pieces of information would actually be stored in the Address Book. I'll need to think it through carefully.