Which of the following is true of accounting for changes in estimates?
a. A company recognizes a change in estimate by making a retrospective adjustment to the financial statements
b. Changes in estimates are not carried back to adjust prior years
c. A company accounts for changes in estimates only in the period of change, even though it affects the future periods
d. Changes in estimates are considered as errors or extraordinary items
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Home » Business » Which of the following is true of accounting for changes in estimates? a. A company recognizes a change in estimate by making a retrospective adjustment to the financial statements b. Changes in estimates are not carried back to adjust prior years c.