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1. 2. 3. Which of the following is not a retrospective-type accounting change? A. Cost recovery method to the percentage of completion method for construction
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Which of the following is not a retrospective-type accounting change? A. Cost recovery method to the percentage of completion method for construction contracts. B. Weighted average to FIFO for inventory valuation. C. "Full cost method" to "successful effort method" in the extractive industry. D. Percent of sales method to aging method in recognizing doubtful accounts. An entity acquires a subsidiary exclusively with a view to selling it. The subsidiary meets the criteria to be classified as held for sale. At the balance sheet date, the subsidiary has not yet been sold, and six months have passed since its acquisition. How will the subsidiary be valued in the balance sheet at the date of the first financial statements after acquisition? A. At fair value. B. At the lower of its cost and fair value less cost to sell. C. At carrying value. D. In accordance with applicable IFRS. The effect of a change in the expected pattern of consumption of economic benefits of a depreciable asset should be included in the A. Determination of income or loss in the period of change only. B. Determination of income or loss in the period of change and future periods. C. Statement of retained earnings as an adjustment of the beginning balance. D. Statement of recognized gains and losses of the current and future periodsStep by Step Solution
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