A Company Changed Its Method of Inventory Pricing from Last-In

question 6

Multiple Choice

A company changed its method of inventory pricing from last-in, first-out to first-in, first-out during the current year. Generally accepting accounting principles require that this change in accounting method be reported by:

• A) Accounting for the effects of the change in the current and future periods.
• B) Showing the cumulative effect of the change in the current year's financial statements and pro forma effects on prior year's financial statements in an appropriate footnote
• C) Disclosing the reason for the change in the "significant accounting policies" footnote for the current year but not restating prior year financial statements
• D) Applying retroactively the new method in restatements of prior years and appropriate footnote disclosures

Identify and describe the five domains of nutrition assessment with examples.

Understand the Nutrition Care Process and identify the steps involved, including the specific tasks performed during each step.

Discuss the methods used to estimate energy needs and the steps involved.

Recognize the utility and application of specific dietary assessment tools like the USDA 5-step multiple-pass method.

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Definitions:

Collateral

An asset that a borrower offers a lender to secure a loan. If the borrower fails to repay the loan, the lender may seize the collateral.

Oral Agreement

A verbal contract in which the terms have been agreed upon through spoken communication, as opposed to written, but is still legally binding in some cases.

Perfection

In legal finance, the process of securing an interest in collateral, ensuring a lender's rights are prioritized over others in the event of borrower default.

Attachment

The legal process of seizing a defendant's property to ensure satisfaction of a judgment.