The Brown Company Changed Its Method of Determining Inventories from LIFO

question 77

Multiple Choice

The Brown Company changed its method of determining inventories from LIFO to FIFO.This change represents a

• A)change in accounting estimate that should be treated prospectively
• B)change in accounting principle that should be treated prospectively
• C)change in accounting estimate for which the financial results of previous years are restated
• D)change in accounting principle for which the financial statements of prior periods included for comparative purposes are restated