Which of the following is not an example of an error?
A) A change from an accounting practice that is not generally acceptable to a practice that is generally acceptable.
B) Mathematical mistakes.
C) A change from LIFO to FIFO inventory costing
D) The incorrect classification of costs and expense

Question

Quizplus · Accepted Answer

A change from LIFO to FIFO inventory costing is not an error, but a change in accounting method. Errors refer to mistakes made in recording transactions or preparing financial statements, such as mathematical mistakes or misclassification of costs and expenses. A change in accounting method may be necessary to comply with accounting standards or to better reflect the company's financial position or performance.

Which of the Following Is Not an Example of an Error