Which of the Following Statements Is Correct

question 149

Multiple Choice

Which of the following statements is correct?

• A)An error affecting prior year's depreciation is treated as a change in estimate.
• B)A change in estimated useful life for a building should cause a correction to prior years' retained earnings.
• C)A change in method of accounting for depreciation should cause an adjustment to current year's depreciation expense and a cumulative effect for the effect of the change on prior year's earnings.
• D)A cumulative effect will never be accompanied by a related tax effect

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Definitions:

Nutraceuticals

Food-derived products that are purported to provide health or medical benefits beyond basic nutrition.

Acupuncture

A form of traditional Chinese medicine involving the insertion of very thin needles through the skin at specific points to alleviate pain or to treat various health conditions.

Chronic Pain

Persistent pain that lasts for months or years, often resistant to medical treatments and significantly impairing one's quality of life.

Complementary Therapies

A range of treatments that are used alongside conventional medicine, often to help relieve symptoms or improve quality of life.