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The following events are independent cases. For each case,
indicate the type of accounting change or error, if any is
represented by each of the preceding items and the method of
accounting for, i.e., retrospective adjustment, prospective, or
prior period adjustment for the item in the financial statements of
the current year.
|A. Company discovered that last year’s ending inventory was
|B. Change to the “full cost” method of accounting by an oil
|C. Change from the FIFO inventory costing method to the LIFO
method (prior effect not determinable).
|D. Change in the method of recognizing income to a GAAP
|E. Change in the residual value of a piece of equipment.|
|F. Change in the companies that are included in combined
|G. Change from the double-declining-balance method of
depreciation to the straight-line method.
Change to choose from = accounting principle, accounting
estimate, reporting entity, or an error.