Accounting for a change in the estimated service life of equipment:
A. Is handled prospectively
B. Requires retroactive restatement of prior year's financial statements.
C. Requires a prior period adjustment.
D. Is handled currently as a change in accounting principle.
Answer:A
Accounting for a change in the estimated service life of equipment:
A. Is handled prospectively B. Requires retroactive restatement of prior year's financial statements. C. Requires a prior period adjustment. D. Is handled currently as a change in accounting principle.