The Bronson Company Changed Its Method of Determining Inventories from LIFO

question 20

Multiple Choice

The Bronson Company changed its method of determining inventories from LIFO to FIFO. This change represents a

• A) change in accounting estimate that should be treated prospectively.
• B) change in accounting principle that should be treated prospectively.
• C) change in accounting estimate for which the financial results of previous years are restated.
• D) change in accounting principle for which the financial statements of prior periods included for comparative purposes are restated.

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