Changing Circumstances May Require a Change in the Useful Life

question 57

Multiple Choice

Changing circumstances may require a change in the useful life of an asset. When this occurs, it involves a change in

• A) accounting estimate rather than a change in accounting principle.
• B) accounting principle rather than a change in accounting estimate.
• C) both accounting principle and accounting estimate.
• D) neither accounting principle nor accounting estimate.

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Definitions:

Language Development

How children acquire the ability to understand and use language during the initial stages of life.

Visual Memory

The ability to remember and recall information that has been seen visually.

Vocalizations

The production of sounds by an organism, often as a form of communication among members of a species.

Prelinguistic

Referring to vocalizations made by the infant before the development of language. (In language, words symbolize objects and events.)