An Example of a Correction of an Error in Previously

Multiple Choice

An example of a correction of an error in previously issued financial statements is a change

A) from the FIFO method of inventory valuation to the LIFO method.
B) in the service life of plant assets, based on changes in the economic environment.
C) from the cash basis of accounting to the accrual basis of accounting.
D) in the tax assessment related to a prior period.