Which of the Following Disclosures Is Required for a Change

question 9

Multiple Choice

Which of the following disclosures is required for a change from LIFO to FIFO?

• A) The cumulative effect on prior years, net of tax, in the current retained earnings statement
• B) The justification for the change
• C) Restated prior year income statements
• D) All of these are required.

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Definitions:

T Waves

Components of an EKG reflecting the repolarization of the ventricles in the heart; abnormalities may indicate heart issues.

Electrolyte Imbalance

A condition where the levels of electrolytes (minerals like sodium, potassium, and calcium) in the body are either too high or too low, affecting bodily functions.

Thiazide Diuretics

A class of medications that promotes the removal of salt and water from the body, mainly used to treat high blood pressure.

Osteoporosis

A bone disease characterized by a decrease in bone mass and density, leading to an increased risk of fractures.