All of the Following Are True Regarding Changes in Accounting

Multiple Choice

All of the following are true regarding changes in accounting principles EXCEPT:

A) Accounting changes are allowed when new principles are preferred over previous ones.
B) The company retrospectively restates all prior-period amounts as though the new accounting method had been in effect all along.
C) The majority of the changes in accounting principles are reported in the current period when the change in principle occurred.
D) If an accounting change impacts periods prior to the earliest one presented in the current income statement, an adjustment to retained earnings must be made.