Multiple Choice
During 2013, Hoffman Co. decides to use FIFO to account for its inventory transactions. Previously, it had used LIFO.
A) Hoffman is not required to make any accounting adjustments.
B) Hoffman has made a change in accounting principle requiring retrospective adjustment.
C) Hoffman has made a change in accounting principle requiring prospective application.
D) Hoffman needs to correct an accounting error.
Correct Answer:
Verified
Correct Answer:
Verified
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