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

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Definitions:

Defense Mechanism

Psychological strategies used unconsciously by individuals to protect themselves from anxiety arising from unacceptable thoughts or feelings.

Repression

In psychoanalytic theory, the process of unconsciously excluding thoughts, feelings, or desires from consciousness, often because they are considered unacceptable.

Conscious Awareness

The state of being mentally alert and having an active awareness of thoughts, feelings, sensations, and surroundings.

Oedipus Complex

An idea in the realm of psychoanalytic theory that denotes an unconscious sexual longing a child feels for their parent of the opposite sex, alongside feelings of jealousy towards their parent of the same sex.