A Change in an Accounting Estimate Is

Multiple Choice

A change in an accounting estimate is:

A) Reflected in past financial statements.
B) Reflected in future financial statements and also requires modification of past statements.
C) A change in a calculated amount that is part of current and future financial statements that results from new information or subsequent developments and from better insight or improved judgment.
D) Not allowed under current accounting rules.
E) Considered an error in the financial statements.