Which one of the following statements does not require any adjustment to a company's accounts?
A)changing depreciation methods on currently owned assets
B)using a new estimated useful life in calculating depreciation
C)discovering an error in depreciation taken in a previous period
D)adopting a new depreciation method on newly acquired assets

Question

Quizplus · Accepted Answer

Adopting a new depreciation method on newly acquired assets does not require any adjustment to the company's accounts as it is a new addition to the company's assets and can be accounted for directly under the new method. However, options A, B, and C require adjustments to the company's accounts to correct previous errors or change the method of depreciation, which can affect the company's financial statements.

Which One of the Following Statements Does Not Require Any