An Item That Would Not Be Accounted for Under Current

question 34

Multiple Choice

An item that would not be accounted for under current GAAP as a change in estimate would be

• A)an increase in the expected life of a piece of manufacturing equipment
• B)a decrease in the estimated residual value of a delivery van
• C)a change from FIFO to LIFO for a small subsidiary
• D)an increase in defective items for the best selling video game

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Definitions:

Incorrect Demonstration

Incorrect demonstration involves conveying or teaching something in a way that is not accurate, potentially leading to misunderstandings or incorrect learning outcomes.

Accompanying Figure

An illustrative diagram or chart that is provided to complement or detail the information described in text.

Local Variables

Local variables are variables defined within a method or block, accessible only within that method or block.

Method First

This term is unclear without context; however, it might refer to the prioritization or initial use of a method in programming or software development.