Multiple Choice
Which of the following changes should be accounted for using the retrospective approach?
A) A change in the estimated life of a depreciable asset.
B) A change from straight-line to declining balance depreciation.
C) A change to the LIFO method of costing inventories.
D) A change in accounting for long-term construction contracts by recognizing revenue over time rather than when the contract is completed.
Correct Answer:
Verified
Correct Answer:
Verified
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