Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following would be accounted for as a change in accounting principle? a. Adopting a new accounting standard b. Changing the useful life

Which of the following would be accounted for as a change in accounting principle?

a.

Adopting a new accounting standard

b.

Changing the useful life of a piece of equipment from 8 years to 20 years

c.

First-time presentation of consolidated financial statements

d.

Changing an estimate for the allowance for doubtful accounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Excise Tax Ozone Depleting Chemicals IRS Audit Techniques Guide

Authors: Internal Revenue Service

1st Edition

1304114279, 978-1304114273

More Books

Students also viewed these Accounting questions

Question

Why is a scatter graph useful?

Answered: 1 week ago

Question

Listen to others to help identify group and team norms and rules.

Answered: 1 week ago