Which of the Following Changes Would Not Be Accounted for Using

question 61

Multiple Choice

Which of the following changes would not be accounted for using the prospective approach?

• A)A change to LIFO from average costing for inventories.
• B)A change from the individual application of the LCM rule to aggregate approach.
• C)A change from straight-line to double-declining balance depreciation.
• D)A change from double-declining balance to straight-line depreciation.

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Definitions:

Resale Value

The projected value at which an asset can be disposed of after its life of usability has ended.

Office Furniture

Items and fixtures used in an office setting to support various work activities and tasks, such as desks, chairs, and file cabinets.

Resale Value

The estimated market value of an asset if sold again in the future, often considered for vehicles, electronics, and properties.

Office Furniture

Items intended for use in a work environment, such as desks, chairs, and filing cabinets, to facilitate office operations.