An Example of the Correction of an Error in Previously

question 23

Multiple Choice

An example of the correction of an error in previously issued financial statements is a change

• A) From the completed contract to the percentage-of-completion method of accounting for long-term construction-type contracts.
• B) In the depletion rate, based on new engineering studies of recoverable mineral resources.
• C) From the sum-of-years-digits to the straight-line method of depreciation for all plant assets.
• D) From the installment basis of recording sales to the accrual basis, when collection of the sales price has been and continues to be reasonably assured

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Definitions:

Job Involvement

The degree to which an individual identifies with their job, actively participates in it, and considers their job performance as important to their self-worth.

Training Time

The amount of time dedicated to developing skills, knowledge, or competencies required for a specific task or job.

Personnel Utilization

The effective and efficient deployment of human resources within an organization to maximize productivity and achieve strategic goals.

Japanese Approach

A management philosophy often emphasizing teamwork, continuous improvement, and strong work ethic, influenced by cultural factors in Japan.