Once a Company Establishes That an Estimated Useful Life of a Plant

question 72

Multiple Choice

Once a company establishes that an estimated useful life of a plant asset has changed significantly:

• A)the plant asset must be disposed.
• B)the change must be made for the current and future years.
• C)a correcting journal entry must be made.
• D)the previous year's financial statements must be corrected.

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Definitions:

Heterozygous

A genetic condition where an individual has two different alleles of a gene.

Homozygous

A genetic condition where an individual has two identical alleles for a particular gene.

Gene

A unit of heredity that is transferred from a parent to offspring and is held to determine some characteristic of the offspring.

Basic Unit

The simplest, most fundamental component or element of a system or structure.