Mandeep Ltd

question 14

Multiple Choice

Mandeep Ltd. has decided to change the estimate of the useful life of an asset that has been in service for two years. Which of the following statements describes the proper way to revise a useful life estimate?

• A) Revisions in useful life are permitted if approved by Canada Revenue Agency.
• B) Both the current and future years will be affected by the revision.
• C) Retroactive changes must be made to correct previously recorded depreciation.
• D) Only future years will be affected by the revision.

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Definitions:

Creativity

The ability to produce original and valuable ideas.

Cultural Differences

Variations in the norms, values, beliefs, and practices among different cultural groups, affecting interactions and understandings.

Dysfunctional Conflict

Conflict that impedes organizational performance, diminishes productivity, and creates a negative work environment.

Approach-Approach

A conflict situation where an individual must choose between two appealing options or outcomes.