On June 1, 2016, Romano Inc. changed the estimated useful life of its office equipment from 20 to 12 years. This change would be accounted for:
A. Prospectively.
B. Retrospectively.
C. As an accounting error.
D. None of these.
Ans: A. Prospectively.
Business
You might also like to view...
Which of the following is excluded when calculating quick ratio?
A) accounts receivable B) accounts payable C) cash D) inventory
Business
Four banking conveniences are listed below. Which one is not typical?
A) Safety deposit boxes B) Online banking services C) Direct deposit D) Overdraft protection E) All of the above are typical banking conveniences.
Business