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:

Concrete Operations

A stage in cognitive development where children are able to think logically about concrete events, understanding the concepts of conservation, time, and space.

Body Mass

A measurement of a person's weight in relation to their height, commonly used to assess if they are underweight, normal weight, overweight, or obese.

Caloric Intake

The total number of calories consumed through food and beverages over a period, crucial for maintaining energy balance and bodily functions.

Future Obesity

The prospective risk or likelihood of becoming obese based on current health trends, behaviors, and genetic factors.