Which of the Following Is Accounted for Prospectively

question 41

Multiple Choice

Which of the following is accounted for prospectively?

• A) Changes from the weighted-average method of inventory costing to FIFO.
• B) Change in reporting entity.
• C) Change in the percentage used to determine warranty expense.
• D) Correction of an error.

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Definitions:

Working Memory

A cognitive system with a limited capacity that is responsible for temporarily holding information available for processing.

Elaborative Rehearsal

Elaborative rehearsal is a technique to improve memory by linking new information with existing memories and knowledge, thereby increasing the likelihood of recalling it later.

New Information

Novel data or knowledge that was previously unknown to a person, which can influence learning, decision-making, or understanding.

Rote Rehearsal

A memorization technique based on repetition, often without understanding the deeper meaning of the material.