≡ MENU

MCQs Papers Definitions Flashcards

MCQs
Papers
Definitions
Flashcards

Categories

Home—›
Accounting Principles

?

Which of the following changes in inventory costing usually should not be reported by revising the financial statements of prior periods?

The weighted-average method to the LIFO method.The weighted-average method to the FIFO method.
FIFO method to the weighted-average method.
LIFO method to the weighted-average method.

Correct - Your answer is correct.

Wrong - Your answer is wrong.

Detailed Answer

Correct answer: (A)

The weighted-average method to the LIFO method.

Explanation: Changes to LIFO are handled prospectively.

Related MCQs

?How many acceptable approaches are there for changes in accounting principles?
?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:
?When a change in accounting principle is reported, what is sometimes sacrificed?
?When an accounting change is reported under the retrospective approach, prior yearsâ€™ financial statements are:
?Regardless of the type of accounting change that occurs, the most important responsibility is:
?Which of the following changes would not be accounted for using the prospective approach?
?Accounting changes occur for which of the following reasons?
?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...

Home

Privacy Policy DMCA Policy Contact Us

Copyright © 2015 accountingMCQs.com | All Rights Reserved