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Question 1.1. (TCO 7) An accounting change that is reported by the prospective approach is reflected in the financial statements of (Points : 4)
prior years only.
prior years plus the current year.
the current year only.
current and future years.
Question 2.2. (TCO 7) Which is not an example of a change in accounting principle? (Points : 4)
A change from LIFO to FIFO for inventory costing
A change to the full costing method in the extractive industries
A change in the useful life of a depreciable asset
A change from the cost method to the equity method of accounting for investments