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Question 5 Which of the following is true of accounting for changes in estimates? A company accounts for changes in estimates only in the period

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5

Which of the following is true of accounting for changes in estimates?

A company accounts for changes in estimates only in the period of change, even though it affects the

future periods

Changes in estimates are considered as errors or extraordinary items

A company recognizes a change in estimate by making a retrospective adjustment to the financial

statements

Changes in estimates are not carried back to adjust prior years

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