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:

Prejudice

Prejudice is a preconceived opinion or bias against an individual or group based on their perceived characteristics, often without proper knowledge.

Bias

A preconceived opinion or inclination towards something or someone, often unfair or prejudicial.

Outgroup

A social group toward which an individual feels opposition, rivalry, or hostility.

Ingroup

A social group to which a person psychologically identifies as being a member, influencing their social identity and attitudes towards outgroups.