A Change in the Estimated Useful Life of a Plant

question 240

True/False

A change in the estimated useful life of a plant asset may cause a change in the amount of depreciation recognized in the current and future periods but not to prior periods.

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Definitions:

Sentiments

Complex emotions or feelings that involve judgments and evaluations of a particular situation or experience.

Maslow

Refers to Abraham Maslow, a psychologist known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.

Needs

Essential requirements for survival and psychological well-being, including basic physical and emotional needs.

Self-actualizers

Individuals who continually seek personal growth and fulfillment, striving to achieve their highest potential and capabilities.