When Estimated Useful Life of an Asset Is Revised

question 87

Multiple Choice

When estimated useful life of an asset is revised:

• A) depreciation will continue at the current rate.
• B) depreciation expense reported in previous years would be changed retroactively.
• C) the depreciation expense in subsequent years will be changed but previous
• D) calculations will not be changed.
• E) generally accepted accounting principles have been violated.

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