Change in Circumstances and Accounting Changes: Impact on

Chrome File Edit View History Bookmarks Profiles Tab Window Help a Q >g 4? 43%93- Tue1oz1oAM q 55 I . l "/2 Courses X NWP Adaptive AssessmentP X a Player X G Achange in circumstances in X l + v 6 C' i education.wiIey.com/was/ui/vZ/adaptive-assessment-player/index.htmI?launchld:974887a2-5d38-4c72-bd10-2684b0aab4f0#/activity [I] if fl '1 x51 *- I] . E 6 Chapter 14 Adaptive Practice LO#4 & 6 14.4 Accounting Changes Your Answer Correct Answer V Your answer is correct. A change in circumstances in the useful life of a piece of machinery will lead to a retrospective restatement. a change of policy. an accounting error. a change of estimate. Solution As time passes, it is very possible that there may be a change in circumstances or new information about an estimate that indicates the need for an accounting estimate change Changes in accounting estimates are applied prospectively. CONTINUE