Which of the following is an example of a change in accounting estimate?
A) Change from the percentage-of-completion method to the completed-contract method of income recognition for long-term construction contracts
B) Change from capitalizing research and development costs to expensing such costs
C) Change from the gross margin method to the retail method of estimating the ending inventory
D) Change from the Weighted Average method to the FIFO inventory method
E) Change in the estimate of future warranty costs
Correct Answer:
Verified
Q61: Which of the following is not an
Q62: Choose the correct statement regarding accounting changes.
A)
Q63: The primary principle addressed by recent changes
Q64: Which of the following is characteristic of
Q65: WZ acquired some machinery on January 2,20x1.WZ
Q67: The concept of consistency is sacrificed in
Q68: In 20x2,a firm changed from the completed
Q69: Which of the following changes would be
Q70: Which type of accounting change should always
Q71: Reported income during the early years of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents