When There Has Been a Change in Accounting Principle

When there has been a change in accounting principle,

A) the old principle should be used in reporting the results of operations for the current year.
B) the cumulative effect of the change should be reported in the current year's retained earnings statement.
C) the change should be reported retroactively.
D) the new principle should be used in reporting the results of operations of the current year, but there is no change to prior years.

Correct Answer:

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