Applying a new policy to transaction as if that policy had always been applied. This is called,

Related MCQs

• Specific principles, bases, conventions, rules and practices applied in presenting financial statements, are called,
• In selecting an accounting policy, we should review ________,
• As per IFRS15, an agreement between two or more parties that creates enforceable right and obligation is called….
• When a lease transfers substantially all the risks and rewards of ownership to lessee, this is called…..
• Principal revenue producing activity of an entity is called…
• Present value of expected future cash flows generated by an asset, plus its expected disposal value is called.
• Consideration which varies upon certain future events which may or may not occur is called….
• Activities that result in changes in the size and composition of equity capital and borrowing of an entity are called
• A statement showing information on increase or decrease in net asset or wealth of an entity is called…
• Omission or misstatement in entity’s financial statement for one or more prior period is called