Which of the Following Must Be Reported on the Income

question 15

Multiple Choice

Which of the following must be reported on the income statement as a cumulative effect of change in accounting principle?

• A)Change from straight-line to double-declining-balance method of computing depreciation
• B)Change from double-declining-balance to straight-line method of computing depreciation
• C)Both A and B
• D)Neither A nor B

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Definitions:

Friends' Needs

Referring to the requirements or desires that individuals have in their friendships, including support, understanding, and companionship.

Middle Childhood

A developmental stage that covers the period from roughly age 6 to 12, characterized by significant growth in cognitive, social, and emotional domains.

Recognize Importance

The act of acknowledging or giving attention to something as being of great value or significance.

High Self-esteem

A positive evaluation of oneself, characterized by feelings of confidence, respect, and worthiness.