Focus,IncDetermined That It Had Incorrectly Estimated Both the Estimated Life

question 157

True/False

Focus,Inc.determined that it had incorrectly estimated both the estimated life and the estimated residual value of equipment that it purchased two years ago.When Focus accounts for the change in accounting estimates,it must depreciate the remaining book value of the asset over the current and future accounting periods.

---

Definitions:

Prenatal Development

The process of growth and development within the womb from conception to birth.

Periods

Segments of time into which time is divided, often used in reference to historical epochs or women's menstrual cycles depending on context.

Hormone Production

The process by which glands in the body produce hormones, which are chemical substances that regulate various physiological functions.

Estrogen

A group of hormones that play an essential role in the growth and development of female sexual characteristics and the reproductive process.