When minor errors occur in the estimates used in the determination of depreciation, the amounts recorded for depreciation expense in the past should be corrected.

Name: When minor errors occur in the estimates used in the determination of depreciation, the amounts recorded for depreciation expense in the past should be corrected.
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Question

Quizplus · Accepted Answer

Minor errors in depreciation estimates are typically corrected in future periods rather than adjusting past records, as they are considered changes in accounting estimates.

When Minor Errors Occur in the Estimates Used in the Determination