During 2009, Hoffman Co

question 109

Multiple Choice

During 2009, 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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