Which of the following is not a retrospective-type accounting change? A. Cost recovery method to the percentage of completion method for construction contracts. B. Weighted average to FIFO for inventory valuation. C. “Full cost method” to “successful effort method” in the extractive industry. D. Percent of sales method to aging method in recognizing doubtful accounts.
Which of the following is not a retrospective-type accounting change? A. Cost recovery method to the percentage of completion method for construction contracts. B. Weighted average to FIFO for inventory valuation. C. “Full cost method” to “successful effort method” in the extractive industry. D. Percent of sales method to aging method in recognizing doubtful accounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following is not a retrospective-type accounting change?
A. Cost recovery method to the percentage of completion method for construction contracts.
B. Weighted average to FIFO for
C. “Full cost method” to “successful effort method” in the extractive industry.
D. Percent of sales method to aging method in recognizing doubtful accounts.
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