Stone Company Changed Its Method of Pricing Inventories from Average

question 52

Multiple Choice

Stone Company changed its method of pricing inventories from average cost to FIFO.What type of accounting change does this represent?

• A)A change in accounting estimate for which the financial statements for prior periods included for comparative purposes should be presented as previously reported.
• B)A change in accounting policy for which the financial statements for prior periods included for comparative purposes should be presented as previously reported.
• C)A change in accounting estimate for which the financial statements for prior periods included for comparative purposes should be restated.
• D)A change in accounting policy for which the financial statements for prior periods included for comparative purposes should be restated.

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Definitions:

Anthropology

The scientific study of humans, human behavior, and societies in the past and present, encompassing cultural, social, and physical aspects.

Repatriation

The process of returning a person or object to their country of origin or citizenship, often referring to cultural artifacts or remains.

Ethical Obligations

Moral responsibilities or duties that individuals or organizations have towards others, typically emphasizing fairness, honesty, and respect for human rights.

Cultural Resource Management

A branch of archaeology concerned with survey and/or excavation of archaeological and historical remains that might be threatened by construction or development; also involved with policy surrounding protection of cultural resources.