Changing Circumstances May Require a Change in the Useful Life

question 57

Multiple Choice

Changing circumstances may require a change in the useful life of an asset. When this occurs, it involves a change in

• A) accounting estimate rather than a change in accounting principle.
• B) accounting principle rather than a change in accounting estimate.
• C) both accounting principle and accounting estimate.
• D) neither accounting principle nor accounting estimate.

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Definitions:

Pharmacodynamic

pertains to the study of the biochemical and physiological effects of drugs and their mechanisms of action.

Analgesic

A class of drugs designed to relieve pain without causing loss of consciousness.

Tylenol

A popular brand name for acetaminophen, a medication used to reduce fever and relieve pain.