Which of the Following Events Would Be Accounted for as a Prior-Period

question 7

Multiple Choice

Which of the following events would be accounted for as a prior-period adjustment?

• A)change in the depreciable lives of plant assets
• B)an overstatement of depreciation expense in a prior year
• C)change in the method of computing depreciation of plant assets
• D)change in inventory cost flow assumption from first-in, first-out to last-in, first-out

Understand the role of audience analysis in improving communication effectiveness.

Differentiate between empathic listening and other forms of listening.

Recognize the importance of feedback in communication and how to provide it effectively.

Understand the psychological principles underlying persuasion techniques.

---

Definitions:

Medium of Exchange

A mediating tool or mechanism designed to ease the process of buying, selling, or exchanging products among individuals or entities.

Federal Reserve

The primary banking authority in the United States, tasked with setting monetary policy, supervising banking institutions, ensuring the stability of the financial system, and delivering financial services.

Bank Failures

The circumstance where a bank fails to meet its obligations to its depositors or creditors, leading to its insolvency or being shut down by regulatory agencies.

Excess Reserves

The reserves held by banks over and above the legally mandated minimum to meet potential withdrawals by customers.