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Which of the following statements is correct? Changes in accounting principle are always handled in the current or prospective period. Prior statements should be restated
Which of the following statements is correct?
Changes in accounting principle are always handled in the current or prospective period. |
Prior statements should be restated for changes in accounting estimates. |
A change from expensing certain costs to capitalizing these costs, due to a change in the period benefited, should be handled as a change in accounting estimate. |
Correction of an error related to a prior period should be considered as an adjustment to current year net income. |
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