Which of the Following Would NOT Be Accounted for as a Change

question 55

Multiple Choice

Which of the following would NOT be accounted for as a change in accounting principle?

• A) Change from the first-in,first-out method to the last-in,first-out method of inventory pricing
• B) Change from the last-in,first-out method to the first-in,first-out method of inventory pricing
• C) Change from completed-contract accounting to percentage-of-completion
• D) Change from straight-line method to accelerated method of depreciation

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Definitions:

Depression

A major and lasting slump in economic performance, highlighted by a notable reduction in GDP, increased unemployment rates, and persistent deflation.

Rate of Inflation

The percentage increase in the price level of goods and services over a period, typically one year.

Federal Budget Deficits

The difference between what a government spends and what it collects in taxes over a fiscal year, with deficits indicating more spending than revenue.

Money Supply

The full measure of monetary assets within an economy, involving cash, coins, and balances in checking and savings accounts, at a specified moment.