Enos Company Has Decided to Change the Estimate of the Useful

question 210

Multiple Choice

Enos Company has decided to change the estimate of the useful life of an asset that has been in service for 2 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 the taxing authority.
• B) Retroactive changes must be made to correct previously recorded depreciation.
• C) Only future years will be affected by the revision.
• D) Both current and future years will be affected by the revision.

Understand the role of religion and folklore among African-Americans, including the formation of black churches.

Insight into personal narratives of slaves who escaped, highlighting the reasons and methods for escape.

Awareness of the estimated number of slaves who successfully escaped and the significance of biblical stories in their religious views.

Understand the evolution of proslavery and antislavery sentiments in the southern states leading up to the Civil War.

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Definitions:

Negative Externalities

Costs suffered by a third party due to an economic transaction or activity for which they are not compensated.

Positive Externalities

Benefits that are experienced by third-parties or the society at large as a result of an economic transaction or activity, without those third parties directly paying for the benefits received.

Efficient Output Levels

Points of production where the economy can no longer increase the production of one good without decreasing the production of another good, achieving an optimal distribution of resources.

Socially Optimal

A state or outcome that is considered the most efficient and beneficial for society as a whole, often in terms of resource allocation or welfare.