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

question 88

Multiple Choice

Which of the following is true when the estimate of an asset's useful life is changed?

• A)The new estimate is ignored until the last year of the asset's life.
• B)The depreciation expense in the prior year is restated.
• C)Prior years' financial statements must be restated.
• D)The asset's remaining depreciable book value will be spread over the asset's remaining life.

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Definitions:

Value-Free

The principle that the conduct and analysis of scientific research should be objective and unaffected by the personal values or biases of the researcher.

Laws Of Human Social Behavior

Principles that attempt to describe and predict how people interact within societies and how these interactions are regulated.

Enlightenment's Conceptualization

The process of understanding during the Enlightenment period, emphasizing reason, science, and human rights as the primary sources of legitimacy and authority.

Divine Laws

Rules or norms believed to emanate from a supernatural source, governing moral and ethical behaviors.