A change in accounting policy should be made only I. if Required by statute. II. Required by the standards or interpretation. III. The change will result in a more appropriate presentation of events and transactions in the financial statements of the enterprise.

A change in accounting policy should be made only I. if Required by statute. II. Required by the standards or interpretation. III. The change will result in a more appropriate presentation of events and transactions in the financial statements of the enterprise.

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter1: Comprehensive Cases

Section1.2: Lehman Brothers Holdings, Inc.

Problem 2Q

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Question

A change in accounting policy should be made only

I. if Required by statute.

II. Required by the standards or interpretation.

III. The change will result in a more appropriate presentation of events and transactions in the financial statements of the enterprise.

A. I, II and III.

B. I and III only.

C. II and III only.

D. I and II only.

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