Question
Change in principle reported retrospectively Change in estimate Change in principle reported prospectively Change in reporting entity Prior period adjustment required (Error correction) Technological advance
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Change in principle reported retrospectively
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Change in estimate
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Change in principle reported prospectively
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Change in reporting entity
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Prior period adjustment required (Error correction)
Change in principle reported retrospectively
Change in estimate
Change in principle reported prospectively
Change in reporting entity
Prior period adjustment required (Error correction)
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Technological advance that renders worthless a patent with an unamortized cost of $45,000.
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Change from LIFO inventory costing to average inventory costing.
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Including in the consolidated financial statements a subsidiary acquired several years earlier that was appropriately not included in previous years.
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Change from FIFO inventory method to LIFO.
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Pension plan assets for a defined benefit pension plan achieving a rate of return in excess of the amount anticipated.
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Change from the direct write-off method to the allowance method for recording bad debt expense. (Assume bad debts are material in this case and have always been material)
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Change from declining balance depreciation to straight-line.
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Change from determining lower of cost or market for inventories by the individual item approach to the aggregate approach.
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