Complete the Following Table by Selecting the Appropriate Type of Change

question 49

Essay

Complete the following table by selecting the appropriate type of change and the accounting method appropriate for each event.
$$\begin{array} { | l | l | l | } \hline { \text { Event } } & \text { Type of Change } & \text { Accounting Method } \\\hline \text { Change from LIFO to FIFO. } & & \\\hline \text { Change in the warranty expense } & & \\\text { provision. } & & \\\hline \begin{array} { l } \text { Change from completed- } \\\text { contract to percentage-of- } \\\text { completion method. }\end{array} & & \\\hline \begin{array} { l } \text { Purchase of a new subsidiary } \\\text { with } 60 \% \text { ownership that is five } \\\text { years old. }\end{array} & & \\\hline \text { Change from reporting } & & \\\text { inventory from the aggregate } & & \\\text { method to the individual item } & & \\\text { method. } & & \\\hline \text { Change in the life and salvage } & & \\\text { value of a depreciable asset. } & & \\\hline \text { Change from straight-line to } & & \\\text { declining balance depreciation. } & & \\\hline\end{array}$$

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Definitions:

Best Interests

Considerations centered around the optimal outcomes or advantages for an individual or group, especially in legal, financial, or personal decisions.

Formal Authority

Describes the power granted to an individual or position through a formal structure or hierarchy within an organization to make decisions and command obedience.

Conflict Resolution

The process of resolving disputes or disagreements between parties through dialogue, negotiation, or other methods to reach an agreement.

Forcing

A conflict resolution method where one party insists on their position without regard to the impact on the other parties involved.