During 2016,Hoffman Co

question 21

Multiple Choice

During 2016,Hoffman Co.decides to use FIFO to account for its inventory transactions.Previously,it had used LIFO.

• A)Hoffman is not required to make any accounting adjustments.
• B)Hoffman has made a change in accounting principle requiring retrospective adjustment.
• C)Hoffman has made a change in accounting principle requiring prospective application.
• D)Hoffman needs to correct an accounting error.

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Definitions:

Tone

The attitude or approach that the writer takes towards the subject of the writing, which can influence the reader's perception.

Business Communication

The exchange of information and ideas between individuals within a corporation or between a company and its customers.

Goodwill

An intangible asset that arises when a company acquires another company for more than the fair value of its tangible assets, representing the brand, reputation, or customer relationships.

Technology

Technology encompasses the tools, machines, techniques, and methods that humans use to solve problems or enhance their abilities.