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5. Which of the following statements regarding the methods of accounting for changes is true? a) Accounting for changes in estimates is applied retrospectively. b)

5. Which of the following statements regarding the methods of accounting for changes is true?

a) Accounting for changes in estimates is applied retrospectively.

b) Correction of prior-period errors is applied retrospectively regardless of practicability.

c) Changes in accounting policy can be applied retrospectively and prospectively.

d) Application of accounting changes, estimates, and errors is at managements discretion.

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