ACCT 312 Week 4 Quiz

ACCT 312 Week 4 Quiz

1. (TCO 7) An accounting change that is reported by the prospective approach is reflected in the financial statements of

2. (TCO 7) When the retrospective approach is used for a change to the FIFO method, which account is usually not adjusted?

3. (TCO 7) Our company switched from double-declining balance depreciation to straight-line depreciation. As a result,

4. (TCO 7) A change that uses the prospective approach is accounted for by

5. (TCO 7) Which change should be accounted for using the retrospective approach?