When the Retrospective Approach Is Used for a Change to the FIFO

question 47

Multiple Choice

When the retrospective approach is used for a change to the FIFO method, which of the following accounts is usually not adjusted?

• A) Deferred Income Taxes.
• B) Inventory.
• C) Retained Earnings.
• D) All of these answer choices are usually adjusted.

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Definitions:

Self-Actualization

The realization or fulfillment of one's talents and potentialities, especially considered as a drive or need present in everyone, according to Maslow's hierarchy of needs.

Reinforcement

In psychology, a process by which a behavior is strengthened or increased in frequency by the consequence that follows it.

Humanistic Psychologists

Psychologists who emphasize individual potential, self-growth, and the concept of self-actualization.

Basically Destructive

This term is not recognized as a standard psychological or medical key-term, hence it might refer to actions or behaviors fundamentally harmful in nature. NO.