Chap020 (accounting) 53 - 39 Which of the following would...

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39. Which of the following would not be accounted for using the retrospective approach? A. A change from LIFO to FIFO inventory costing. B. A change from the completed contract method to the percent-of-completion method for long-term construction contracts. C. A change in depreciation methods. D. A change from the full cost method in the oil industry. AACSB: Reflective thinking Bloom's: Knowledge Learning Objective: 20-02 Describe how changes in accounting principle typically are reported. Learning Objective: 20-03 Explain how and why some changes in accounting principle are reported prospectively. Learning Objective: 20-04 Explain how and why changes in estimates are reported prospectively. Level of Learning: Medium 40. Which of the following would not be accounted for using the prospective approach?
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