Question

Changes in Accounting Principles and Changes in AccountingEstimates” Please respond to the following: From the e-Activity,discuss the accounting principles that the identified companychanged, and explain the major reasons why the company changedaccounting principles. Give your opinion on whether you believe thechange in accounting principles was to benefit the corporation orinvestors and creditors. Provide a rationale for your response.Imagine you are the senior accountant at your organization, andmanagement is not sure of the difference between a change inaccounting estimate and a change in accounting principle. Brieflydiscuss the difference between a change in accounting estimate anda change in accounting principle, and outline the impact thechanges will have on the company’s financial statements. Give youropinion on why a company should avoid reporting changes inaccounting principles and changes in accounting estimates. Providea rationale for your response.