Which of the Following Is TRUE When the Estimate of an Asset's

question 26

Multiple Choice

Which of the following is TRUE when the estimate of an asset's useful life is increased?

• A) The new estimate is ignored until the last year of the asset's life.
• B) Annual depreciation expense is increased for the remaining years of the asset's life.
• C) Prior years' financial statements must be restated.
• D) Annual depreciation expense is decreased for the remaining years of the asset's life.

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Definitions:

Cash Basis

A financial recording technique that only acknowledges income and expenditures upon the actual receipt or disbursement of cash.

Revenue Recognition

The accounting principle that dictates the specific conditions under which income is recognized by an entity.

Accrual Basis

An accounting method that records revenues and expenses when they are earned or incurred, regardless of when the cash transaction happens.

Revenue Recognition

The accounting principle that determines the specific conditions under which revenue is recognized and recorded in the financial statements.