1. The adjustment of the accumulated depreciation of an asset arising from a revision in the estimated useful life of an individual asset requires

A. Recognition as an extraordinary item in the current income statement and disclosure of the effects of the change on all prior periods.

B. A retrospective adjustment of all prior financial statements presented.

C. An adjustment directly to retained earnings.

D. No adjustment of the accumulated depreciation account but would be reflected in the current and future depreciation charges.

2. A change in the estimated useful life of a productive asset is

A. An error correction.

B. A change that requires a prior-period adjustment.

C. A change that should be reported in the period of change and in future periods if the change affects them.

D. Not an accounting change.