ACCT 312 Week 5 Quiz

1.(TCO 7) An accounting change that is reported by the prospective approach is reflected in the financial statements of

2. TCO 7) When the retrospective approach is used for a change to the FIFO method, which account is usually not adjusted?

3. (TCO 7) Our company switched from double-declining balance depreciation to straight-line depreciation. As a result,

4. (TCO 7) A change that uses the prospective approach is accounted for by

5. (TCO 7) Which change should be accounted for using the retrospective approach?