Which of the following changes should be accounted for using the retrospective approach?
A)A change in the estimated useful life of a depreciable asset.
B)A change from straight-line to declining balance depreciation.
C)A change from completed-contract method of accounting for long-term construction contracts.
D)A change to LIFO method of costing inventories.

Question

Quizplus · Accepted Answer

A change from the completed-contract method to another method for long-term construction contracts is a change in accounting principle, which requires retrospective application.

Which of the Following Changes Should Be Accounted for Using