1. Prior years' financial statements are not restated when the prospective approach is used. (True or False)
2. A change to the FIFO method of valuing inventory requires use of the retrospective method. (True or False)
3. Error corrections require restatement of all the affected prior year financial statements reported in comparative financial statements. (True or False)
4. No changes in accounting principle are reported using the retrospective approach. (True or False)

5.All changes in estimate are accounted for retrospectively. (True or False)