Which of the Following Should Be Reported as a Change

question 63

Multiple Choice

Which of the following should be reported as a change in accounting estimate?

• A) Change in the reported beginning inventory amount due to a discovery of a bookkeeping error
• B) Change from the completed-contract method to the percentage-of- completion method for revenue recognition on long-term construction contracts
• C) Increase in the rate applied to net credit sales from 1 percent to 1-1/2 percent in determining losses from uncollectible receivables
• D) Change made to comply with a new FASB pronouncement

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Definitions:

Alcohol Use

Alcohol use refers to the consumption of beverages that contain ethyl alcohol, which can range from moderate drinking to sustaining alcohol dependency or abuse.

Condoms

Barrier devices used during sexual activity to reduce the risk of sexually transmitted infections and prevent pregnancy.

Dental Dams

Thin, square pieces of latex or silicone used to prevent the spread of infections during oral surgeries or oral sex.

Sexually Transmitted Infection

Diseases spread via sexual intercourse, resulting from bacteria, viruses, or parasites.