Changes in Accounting Principle

Changes in Accounting Principle - • Permissible when...

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Changes in Accounting Principle Principle used in the current year is different from one used in the preceding year. Example - change from FIFO to average cost.
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Unformatted text preview: • Permissible when management can show new principle is preferable. • Most changes are reported retroactively....
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This note was uploaded on 01/04/2012 for the course ACCOUNTING ac 201 taught by Professor - during the Spring '11 term at Montgomery.

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