Which of the Following Changes Would Be Accounted for Prospectively

question 103

Multiple Choice

Which of the following changes would be accounted for prospectively?

• A)Error corrections
• B)Changing from declining-balance depreciation to straight-line depreciation
• C)Change in the expected life of a depreciable asset
• D)First time presentation of assumption financial statements with the FIFO cost flow

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Definitions:

Internal Communication

The exchange of information, ideas, and feedback within an organization among its members, aimed at improving efficiency, morale, and collaboration.

Noise

Unwanted or irrelevant information that obscures or interferes with the interpretation of data.

Business Conversations

Dialogues or discussions related to the activities, concerns, or operations of a business.

Crisis Response

The strategies and actions taken by an organization or government to manage and mitigate the impact of an unexpected, negative event.