Which one of the following is a change in an accounting principle（）
A: A change from FIFO to LIFO.
B: Recording a prior period adjustment.
C: A change in the estimated service life of machinery.
A: A change from FIFO to LIFO.
B: Recording a prior period adjustment.
C: A change in the estimated service life of machinery.
举一反三
- Which<br/>of the following is not a change in accounting principle? () A: A<br/>change from LIFO to FIFO B: A<br/>change in estimated salvage value of depreciable asset C: A<br/>change from an accelerated depreciation method to straight-line<br/>depreciation D: A<br/>change from historical cost to fair value accounting.
- A change in accounting principle requires that the cumulative effect of the change for prior periods be shown as an adjustment to A: beginning retained earnings for the earliest period presented. B: net profit for the period in which the change occurred. C: comprehensive income for the earliest period presented. D: stockholders’ equity for the period in which the change occurred.
- When economists talk about growth in the economy, they measure that growth as the A: absolute change in nominal GDP from one period to another. B: percentage change in nominal GDP from one period to another. C: absolute change in real GDP from one period to another. D: percentage change in real GDP from one period to another.
- Which of the following would be treated under IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors as a change of accounting policy? A: A change in valuation of inventory from a weighted average to a FIFO basis B: A change of depreciation method from straight line to reducing balance C: Adoption of the revaluation model for non-current assets previously held at cost D: Capitalisation of borrowing costs which have arisen for the first time
- lAccording to the consistent principle, if a justifiable change in accounting procedure is made, the fact and effect of the change should be ___.