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Accounting Principles
?
Which of the following accounting changes should not be accounted for prospectively?
The correction of an error.
A change from declining balance to straight-line depreciation.
A change from straight-line to declining balance depreciation.
A change in the expected salvage value of a depreciable asset.
Show Result
Correct
- Your answer is correct.
Wrong
- Your answer is wrong.
Detailed Answer
Correct answer: (A)
The correction of an error.
Related MCQs
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How many acceptable approaches are there for changes in accounting principles?
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Retrospective restatement usually is not used for a:
?
An accounting change that is reported by the prospective approach is reflected in the financial statements of:
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When a change in accounting principle is reported, what is sometimes sacrificed?
?
When an accounting change is reported under the retrospective approach, prior years’ financial statements are:
?
Regardless of the type of accounting change that occurs, the most important responsibility is:
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Which of the following changes would not be accounted for using the prospective approach?
?
Accounting changes occur for which of the following reasons?
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Which of the following changes is not usually accounted for retrospectively?
?
Which of the accounting changes listed below is more associated with financial statements prepared in accordance with U.S. GAAP than with Internationa...
