Adjusting entries that reflect a change in accounting principle used to value inventories are called
A)corrections.
B)estimates.
C)deferrals.
D)accruals.
E)revaluations.

Question

Quizplus · Accepted Answer

Adjusting entries that reflect a change in accounting principle used to value inventories are called revaluations. This is because a change in accounting principle would entail revaluing the inventory using a new method or principle.

Adjusting Entries That Reflect a Change in Accounting Principle Used