Which of the Following Statements Is Not an Example of a Correction

question 17

Multiple Choice

Which of the following statements is not an example of a correction of an error in previously issued financial statements?

• A)adopting the allowance method for bad debts when the direct write-off method had been used because direct write-off was used for tax purposes
• B)recording depreciation on plant assets that were not depreciated last year because of a computer problem
• C)adopting straight-line depreciation for newly acquired assets and continuing to use the double-declining-balance method for existing assets
• D)correcting the ending inventory amount from last year because inventory in transit was missed

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Definitions:

Horizontal décalage

A concept in Piaget's theory referring to the observation that children can acquire similar cognitive skills at different times across different domains.

Multitasking

Cognitive processes involving attending and responding to multiple sources of information simultaneously.

Secular trend

A long-term pattern or trend that can be observed over several generations or periods.

Evaluativist theory

A perspective in psychology focusing on how individuals assess, judge, or make decisions based on information and moral principles.