Which of the Following Changes in Accounting Principle Does Not

question 17

Multiple Choice

Which of the following changes in accounting principle does not require the retrospective approach?

• A) Change from the percentage-of-completion to the completed-contract method
• B) Change of inventory method from LIFO to FIFO
• C) Change of inventory method from FIFO to LIFO
• D) All of these require retroactive adjustment.

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Definitions:

3-Year-Olds

A developmental stage where children experience rapid growth in language, cognitive skills, and social interaction.

10-Year-Olds

Children who have reached the age of ten, typically in the middle childhood stage, experiencing significant cognitive, emotional, and social development.

Adolescent Growth Spurt

indicates a rapid increase in height and weight during puberty, resulting from hormonal changes.

National Bureau of Economic Research

An American private nonprofit research organization that conducts economic research and disseminates its findings among academics, policymakers, and professionals.