Which of the following changes should be accounted for using the retrospective approach?
A)A change in the estimated useful life of a depreciable asset.
B)A change from straight-line to double-declining-balance depreciation.
C)A change from percentage-of-completion to the completed contract method.
D)A change to LIFO from FIFO inventory costing.

Question

Quizplus · Accepted Answer

A change from percentage-of-completion to the completed contract method is a change in accounting principle, which requires retrospective application to ensure comparability of financial statements across periods.

Which of the Following Changes Should Be Accounted for Using