Which of the Following Changes Would Be Disclosed as a Change

question 118

Multiple Choice

Which of the following changes would be disclosed as a change in accounting principle but reported by applying the new method retrospectively as restatements of prior periods?

• A) Change from the first-in, first-out method to the last-in, first-out method of inventory pricing
• B) Change in the composition of elements included in inventory
• C) Change from completed-contract accounting to percentage of completion
• D) Change from the straight-line method to an accelerated method of depreciation

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Definitions:

Background

a person's or thing's history, education, or previous experience providing context or foundation.

Demographics

Statistical data relating to the population and particular groups within it.

Personalities

The combination of characteristics or qualities that form an individual's distinctive character, influencing how they think, feel, and behave in various situations.

Face-to-Face-Bargaining

The process of negotiating directly with another party in person, allowing for immediate feedback and adjustments to negotiation tactics.