When a Company Changes from Any Inventory Method to LIFO,the

question 119

Multiple Choice

When a company changes from any inventory method to LIFO,the change is reported

• A)prospectively because it is usually impractical to determine the effects of this change on prior years' net income.
• B)as an error correction.
• C)as a change in an accounting estimate.
• D)using the retrospective approach.

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Definitions:

Sparkling Wine

A type of wine that contains significant levels of carbon dioxide, making it fizzy, typically achieved through fermentation processes.

Manufacturer's Fault

A defect or issue in a product directly caused by the manufacturing process, resulting in consumer dissatisfaction or potential harm.

Negligence

Failure to exercise the care that a reasonably prudent person would exercise in like circumstances.

Occupiers' Liability Act

The Occupiers' Liability Act is legislation that defines the duty of care owed by individuals or entities in control of premises to those who enter the premises.