Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. Problem 1 1. Prospective approach The approach now used for changes in depreciation methods. ____ 2. Changes in accounting principle Required for all material accounting changes and error corrections. ____ 3. Changes in reporting entity Accounting changes always handled retrospectively. ____ 4. Error corrections Most are handled under the retrospective approach. ____ 5. Disclosure note Involves consolidated financial statements. ____