Which of the following isnot a change in accounting principle?
A) A change from FIFO to LIFO for inventory valuation
B) A change from completed-contracts to percentage-of-completion
C) A change from eight years to five years in the useful life of a depreciable asset
D) A change from double-declining-balance to straight-line depreciation

Question

Quizplus · Accepted Answer

Changing the useful life of a depreciable asset is a change in estimate, not a change in accounting principle. The other options all involve changes in accounting principle as they involve different methods of accounting for inventory or revenue, or changes in the depreciation method used.

Which of the Following Isnot a Change in Accounting Principle