mcq

westion 18 or each of the following situations, identify whether the situation should be considered a change in estimate," a change in policy." or "correction of an error" Assume the company follows IFRS. Bentify also whether the required adjustment should be made retrospectively or prospectively Change (or correction) to be Made Type of Change The benefits received from a piece of equipment were determined to be different than originally anticipated, so the company changed from straight-line depreciation to double-dedining balance In the past, the company has used the cash basis of accounting, and this year is changing to the coral basis of accounting The company decided that using the average cost method to value inventory would be reliable and more relevant than the FIFO method Currently used. The company discovered that the purchase of a piece of equipment had been expensed in a prior period instead of being capitalized and amortized. The anticipated sidual value of a piece of equipment was deemed to be not as tareas originally estimated Question Attemptsio of 1 used SAVE FOR LATH SUBMIT