Which of the Following,if Discovered by Somber Company in the Accounting

question 31

Multiple Choice

Which of the following,if discovered by Somber Company in the accounting period subsequent to the period of occurrence,requires the company to report the correction of an error?

• A) The estimate of the useful life of a depreciable asset should have been revised.
• B) Capitalization of an expense
• C) A change from declining-balance depreciation method to straight-line method
• D) Change in percentage of sales used for determining bad debt expense

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Definitions:

Psychoanalytic Theory

A theory of personality and therapeutic technique that attributes our thoughts and actions to unconscious motives and conflicts, developed by Sigmund Freud.

Early Childhood Experiences

Denotes events, interactions, and learning opportunities that occur during the early years of life, significantly impacting a child's development.

Epigenetic

Relating to the study of changes in organisms caused by modification of gene expression rather than alteration of the genetic code itself.

Environmental Forces

Various external factors such as climate, geography, and human activities that influence ecosystems and the organisms within them.