All of the Following Would Be Reported Retrospectively by Restating

question 18

Multiple Choice

All of the following would be reported retrospectively by restating prior period's financial results except for a

• A)change from the completed-contract method to the percentage-of-completion method for long-term construction contracts
• B)correction of an error in previous periods
• C)change to the full cost method (from the successful efforts method)for the extractive industry
• D)change from the straight-line depreciation method to the sum-of-the-years'-digits method

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Definitions:

Developed Countries

Nations with relatively high levels of economic growth and security, characterized by strong infrastructure, high gross domestic product per capita, and generally high standards of living.

Developing Countries

Countries with lower levels of economic development, characterized by lower industrialization and lower human development indices.

Capital

Assets used for the production of goods and services, often including things like machines, buildings, and tools.

Productivity

The measure of efficiency of production, typically expressed as the ratio of outputs to inputs in the production process.