Changes in estimates are accounted for using the prospective approach. True or False
Changes in estimates are accounted for using the prospective approach.
True or False
Homework Answers
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Answer) True Prospective approach is used to account for changes in estimates and retrospective approach is used to account for changes in principles and reporting entity.For example change is estimated useful life of machine , in this case company does not need to change the prior year financial statements rather it will account for change in current and future years. |
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Changes in estimates are accounted for using the prospective
approach.
True or False
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