Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term.
-Change in useful life
A)Allocation of cost for plant and equipment.
B)Is a change in accounting estimate.
C)Results from subsequent year correction of a material error.
D)Expenditures made to maintain a given level of benefits from an asset.
E)Generate declining amounts of depreciation over time.

Question

Quizplus · Accepted Answer

A change in the useful life of an asset is considered a change in accounting estimate, which reflects new information or developments and does not result from correcting errors.

Listed Below Are Five Terms Followed by a List of Phrases