A change from the generally accepted principle of FIFO to the generally accepted principle of LIFO should be handled: A.Retrospectively B.Retrospectively with a prior period
A change from the generally accepted principle of FIFO to the generally accepted principle of LIFO should be handled:
A.Retrospectively
B.Retrospectively with a prior period adjustment
C.Prospectively
D.In whichever manner the company chooses
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Authors: William T. Bai, Air Force Institute Of Technology (U.S.)
1st Edition
1249449847, 978-1249449843
