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Accounting Principles
?
Which of the following would not be accounted for using the retrospective approach?
A change from LIFO to FIFO inventory costing.
A change in accounting for long-term construction contracts by recognizing revenue over time rather than when the contract is completed.
A change in depreciation methods.
A change from the equity method of accounting for investments.
Show Result
Correct
- Your answer is correct.
Wrong
- Your answer is wrong.
Detailed Answer
Correct answer: (C)
A change in depreciation methods.
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?
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When an accounting change is reported under the retrospective approach, prior years’ financial statements are:
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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...
