A change in the estimated useful life of a building
a. is not allowed by generally accepted accounting principles.
b. affects the depreciation on the building beginning with the year of the change.
c. must be handled as a retroactive adjustment to all accounts affected, back to the year of the acquisition of the building.
d. creates a new account to be recognized on the income statement reflecting the difference in net income up to the beginning of the year of the change.
B
You might also like to view...
Evidence suggests that real-time customer chat increases the dollar value of transactions.
Answer the following statement true (T) or false (F)
A creditor's right against a member's interest in an LLC is limited to a(n) _______ order, and the creditor with such an order has only the rights of an assignee of an interest in an LLC
A) dissolution B) compliance C) assignment D) charging
Magenta Company has identified seven activities as part of its manufacturing process and chosen corresponding activity drivers for each activity. The chart below lists the total cost of each activity, the proportion of activity driver used for each of Magenta's two products, and the activity cost assigned to each product. Fill in the blanks below: Activity Cost Activity DriverProportion used by Activity Cost: Prod. 1 Activity Cost: Prod. 2???Prod. 1Prod. 2??Design$60,000Design time40%60%a.b.Preparation$18,000Labor hours50%c.$9,000d.Machining$90,000Machine hourse.f.$27,000g.Finishingh.Batches40%i.$10,000j.Inspectionk.Unitsl.m.$3,000$6,000Packagingn.Orderso.20%$13,500p.Shipping$17,000Packages70%q.r.$5,100
What will be an ideal response?
Forty-one individuals from a random sample of 60 indicated they oppose legalized abortion. We are interested in determining whether or not there is a significant difference between the population proportions of opponents and proponents of legalized abortion. The conclusion is that there _____
a. is no significant difference between the population proportions b. is a significant difference between the population proportions c. could be a difference in population proportions, depending on the sample size d. None of the answers is correct.