Changes in accounting estimates include:
A) changes in expected warranty costs on goods sold under guarantee.
B) changes in the expected pattern of consumption of economic benefits of depreciable assets.
C) changes in the provision for inventory obsolescence.
D) all of the given answers.

Question

Quizplus · Accepted Answer

Changes in accounting estimates include all of the given options, as they all involve revisions to accounting estimates that are necessary due to changes in circumstances or new information becoming available. These changes are accounted for prospectively, meaning that they are applied to future accounting periods rather than being restated for past periods.

Changes in Accounting Estimates Include