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:

Nonverbal Communication

A form of communication that involves gestures, facial expressions, body language, and other visual cues, rather than spoken or written words.

Word Symbols

Symbols or icons used in a document to represent words, actions, or ideas abstractly.

Dominate the Discussion

To dominate the discussion means to control the flow and content of a conversation, oftentimes overshadowing other participants' contributions.

Meeting Leader

The person responsible for guiding a meeting, setting its agenda, keeping discussions on track, and ensuring goals are met.