A Change in the Salvage Value of a Depreciable Asset

question 74

Multiple Choice

A change in the salvage value of a depreciable asset should be accounted for as a:

• A)Change in accounting entity.
• B)Change in accounting principle.
• C)Change in accounting estimate.
• D)Correction of an accounting error.

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Definitions:

Chinese Laws

The legal system and body of laws governing the People’s Republic of China, characterized by a blend of civil law, socialist legal principles, and traditional Chinese legal culture.

Statehood

The condition or status of being recognized as an independent state with a defined territory and government.

Missouri Compromise

An agreement passed in 1820 between pro-slavery and anti-slavery factions in the United States Congress, involving regulation of slavery in western territories.