Which of the Following Changes Is Not Usually Accounted for Retrospectively

question 151

Multiple Choice

Which of the following changes is not usually accounted for retrospectively?

• A) Change from expensing extraordinary repairs to capitalizing the expenditures.
• B) Change from FIFO to LIFO.
• C) Change in the composition of firms reporting on a consolidated basis.
• D) Change from LIFO to FIFO.

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Definitions:

Mental Retardation

An outdated and offensive term formerly used to describe individuals with significantly below-average intellectual functioning and adaptive behaviors; the preferred term is intellectual disability.

Autism

A developmental disorder characterized by difficulties with social interaction and communication, and by restricted and repetitive behavior.

Information-Processing Approach

A cognitive psychology perspective emphasizing the way people focus on, manipulate, store, and retrieve information.

Allocate Attention

Refers to the process of focusing cognitive resources on specific stimuli, tasks, or goals while ignoring others.