When the Retrospective Approach Is Used for a Change to the FIFO

question 94

Multiple Choice

When the retrospective approach is used for a change to the FIFO method,which of the following accounts is usually not adjusted?

• A)Deferred Income Taxes.
• B)Inventory.
• C)Retained Earnings.
• D)All of these answer choices are usually are adjusted.

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Definitions:

Cognitive Distortion

Irrational, false, or misinterpreted thoughts or beliefs that can lead to negative emotions and behaviors.

Assertive Communication

A communication style characterized by openly expressing one’s thoughts and feelings in a way that is respectful and direct.

Role Flexibility

The ability to adapt and change one's role or duties in response to varying conditions or situations.

Problem Solving

The process of identifying a problem, developing possible solutions, and then implementing a solution to address the issue.