Question
Stockton Ltd. changed its inventory system from FIFO to average cost. What type of accounting change does this represent? A. A change in accounting policy
Stockton Ltd. changed its inventory system from FIFO to average cost. What type of accounting change does this represent?
| A. | A change in accounting policy for which the financial statements for prior periods included for comparative purposes do not need to be restated. |
| B. | A change in accounting estimate for which the financial statements for prior periods included for comparative purposes should be restated. |
| C. | A change in accounting estimate for which the financial statements for the prior periods included for comparative purposes do not need to be restated. |
| D. | A change in accounting policy for which the financial statements for prior periods included for comparative purposes should be restated. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
CA FOUNDATION FINANCIAL ACCOUNTING BY NSHAH MODULE I
Authors: Sanjay Nanak Chand Thadhani
1st Edition
172887419X, 978-1728874197
