Changes in the Estimates for Residual Value or Useful Life

question 46

Multiple Choice

Changes in the estimates for residual value or useful life result in changes in the amortization expense calculation.These changes are handled:

• A)retroactively.
• B)as cumulative changes.
• C)prospectively.
• D)as prior period adjustments.

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Definitions:

Reference Group

A group with which an individual strongly identifies.

Majority Opinion

The view or standpoint held by the greater number of individuals within a group or society, often influencing social norms and individual behavior.

Minority Opinion

A viewpoint or perspective that is held by a smaller segment of the population, often differing from the majority view.

Automatic Process

Cognitive operations that occur without conscious awareness or effort, often enabling quick responses and multitasking.