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Generally Accepted Accounting Principles (GAAP) MCQs

What impact does an accounting change typically have?

All statements going forward must be presented under the old method as well as the new method.

All statements going forward must reflect the new policy but there is no other effect.

Prior financial statements must be restated correctly given the change.

The company must create several

Answer

Correct Answer: All statements going forward must reflect the new policy but there is no other effect.

Explanation:

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