If a Business Changes the Estimated Useful Life,or Estimated Residual

question 146

True/False

If a business changes the estimated useful life,or estimated residual value,of a plant asset,depreciation expense must be recalculated.

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Definitions:

State Legislature

The legislative branch of state government in the United States, responsible for making and passing laws at the state level.

Independent Federal Administrative Agency

A government agency that operates independently of the executive branch, often established by Congress to regulate and oversee specific areas of public administration.

Stare Decisis

A legal principle that obligates courts to follow historical case law when making rulings on similar cases.

Precedent

A precedent is a legal decision or case that establishes a principle or rule that may guide future courts in deciding similar issues.