Question: help asp If a firm changes how they account for long-term contracts, what will be the proper accounting treatment? O This is considered a change

help asp

If a firm changes how they account for long-term contracts, what will be the proper accounting treatment? O This is considered a change in principle, so the firm will account for the change prospectively. The firm will account for the change retrospectively. O This is considered a change in estimate, so the firm will account for the change prospectively. O Neither of these answer choices are correct

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