A Revision of an Estimate That Extends the Asset's Useful

question 67

Multiple Choice

A revision of an estimate that extends the asset's useful life:

• A)requires restatement of prior years' financial statements.
• B)is ignored until the last year of the asset's life.
• C)decreases amortization expense per year for the remaining years of the asset's life.
• D)increases amortization expense per year for the remaining years of the asset's life.

---

Definitions:

Abortion

is the medical or surgical termination of a pregnancy before the fetus can survive outside the uterus, a procedure subject to varying degrees of regulation and controversy around the world.

Social Change

The alteration of social structure, cultural patterns, and social behaviors over time, which may occur gradually or through revolutionary means.

Economic Inequality

The extent of the wealth gap between individuals in a society, characterized by disparities in income, wealth, and access to opportunities.

Urbanization

The process by which cities grow or areas become more urban in character, often indicative of social, economic, and environmental change.