The Method of Depreciation Was Changed from the Double-Declining-Balance Method

question 97

Multiple Choice

The method of depreciation was changed from the double-declining-balance method to the straight-line method in fiscal 2022. A machine was purchased on January 1, 2020, at a cost of $150,000. The machine has an estimated useful life of 10 years and a residual value of $9,000. What is the appropriate accounting?

• A)Retrospective adjustment for fiscal 2022.
• B)Retrospective adjustment for fiscal 2020 and 2021.
• C)Prospective adjustment from fiscal 2021 going forward.
• D)Error correction for fiscal 2022.

Recognize legal duties related to the prevention of harm and the rescue of others in distress.

Understand the core principles and applications of negligence law, including the negligence per se doctrine.

Comprehend the reasonable person standard and its application across varying circumstances and individuals.

Identify and differentiate between the various elements and defenses in negligence and strict liability cases.

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Definitions:

Performance Outcomes

The results or achievements of an individual or organization's work, often measured against predefined goals or standards.

Forced Distribution

In performance appraisal forces a set percentage of persons into predetermined rating categories.

Performance Appraisal Method

The specific technique or process used to evaluate an employee's job performance, such as self-assessment, peer review, or objective metrics.

Ranking

The ordering or categorizing of items or individuals based on certain criteria, indicating their positions relative to each other.