Question
Stone Company changed its method of pricing inventories from FIFO to LIFO. What type of accounting change does this represent? A change in accounting estimate
Stone Company changed its method of pricing inventories from FIFO to LIFO. What type of accounting change does this represent?
A change in accounting estimate for which the financial statements for prior periods included for comparative purposes should be presented as previously reported.
A change in accounting principle for which the financial statements for prior periods included for comparative purposes should be restated.
A change in accounting principle for which the financial statements for prior periods included for comparative purposes should be presented as previously reported.
A change in accounting estimate for which the financial statements for prior periods included for comparative purposes should be restated.
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Managerial Accounting
Authors: Sivaramakrishna, Ramji Balakrishnan
1st Edition
0471467855, 978-0471467854
