A Change in the Salvage Value of a Depreciable Asset

question 127

Multiple Choice

A change in the salvage value of a depreciable asset should be accounted for as a:

• A) Change in accounting entity.
• B) Correction of an accounting error.
• C) Change in accounting estimate.
• D) Change in accounting principle.

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Definitions:

Pay Attention

The act of focusing thought or senses towards a particular stimulus or task, ensuring awareness and cognitive processing.

Cognitive Frameworks

Mental structures that guide an individual's perception, interpretation, and response to their surroundings and information.

Organized Knowledge

Organized knowledge refers to information that has been systematically arranged and classified for easy access, interpretation, and use.

Halo Effects

A mental shortcut where the general perception of an individual, brand, or product shapes one's opinions and attitudes toward their specific attributes or qualities.