An Item That Would Not Be Accounted for Under Current

question 34

Multiple Choice

An item that would not be accounted for under current GAAP as a change in estimate would be

• A)an increase in the expected life of a piece of manufacturing equipment
• B)a decrease in the estimated residual value of a delivery van
• C)a change from FIFO to LIFO for a small subsidiary
• D)an increase in defective items for the best selling video game

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Definitions:

Blended Family

A family unit created by merging two previously separate families, often including children from one or both original families.

Single-Parent

Pertains to a family unit led and managed by one parent alone.

Biological Son

A male offspring who shares genetic material with his parents.

Natural Family

A concept often referring to a family structure centered around biological relations.