Which of the Following Is Not a Change in Accounting

question 101

Multiple Choice

Which of the following is not a change in accounting policy?

• A) Change in the depreciation method from straight-line to declining balance.
• B) Change from completed contract to percentage of completion.
• C) Change from Weighted Average to FIFO.
• D) Change in depreciation from eight years to five years.
• E) They are all changes in accounting policy.

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Definitions:

Leisure

Free time available to individuals when they are not engaged in work or essential activities, often used for relaxation or recreation.

Labor Supply Curve

A graphical representation that shows the relationship between the quantity of labor willing to be provided and the wage rate.

Nonlabor Income

Income received from sources other than direct employment or work, such as investments, pensions, or transfer payments.

Substitution Effect

The change in the quantity demanded of a good as consumers switch away from more expensive alternatives.