A change in the estimated residual value of a long-lived asset requires a restatement of prior years' depreciation.

Name: A change in the estimated residual value of a long-lived asset requires a restatement of prior years' depreciation.
Brand: Quizplus
Rating: 4.8 (37 reviews)

Question

Quizplus · Accepted Answer

A change in the estimated residual value of a long-lived asset does not require a restatement of prior years' depreciation. Instead, the depreciation expense is adjusted in the current and future periods to reflect the change in the estimate.

A Change in the Estimated Residual Value of a Long-Lived