Listed below are various types of accounting changes and errors. For e


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Listed below are various types of accounting changes and errors. For each change or error, indicate how it would be accounted for using the following code: 1.Change in a plant asset's salvage value. Accounted for prospectivelyAccounted for retrospectiv

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Listed below are various types of accounting changes and errors.
For each change or error, indicate how it would be accounted for using the following code:

1.Change in a plant asset's salvage value. Accounted for prospectivelyAccounted for retrospectivelyNeither of the above

2.Change due to overstatement of inventory. Accounted for prospectivelyAccounted for retrospectivelyNeither of the above

3.Change from sum-of-the-years'-digits to straight-line method of depreciation. Accounted for prospectivelyAccounted for retrospectivelyNeither of the above

4.Change from presenting unconsolidated to consolidated financial statements. Accounted for prospectivelyAccounted for retrospectivelyNeither of the above

5.Change from LIFO to FIFO inventory method. Accounted for prospectivelyAccounted for retrospectivelyNeither of the above

6.Change in the rate used to compute warranty costs. Accounted for prospectivelyAccounted for retrospectivelyNeither of the above

7.Change from an unacceptable accounting principle to an acceptable accounting principle. Accounted for prospectivelyAccounted for retrospectivelyNeither of the above

8.Change in a patent's amortization period. Accounted for prospectivelyAccounted for retrospectivelyNeither of the above

9.Change from completed-contract to percentage-of-completion method on construction contracts. Accounted for prospectivelyAccounted for retrospectivelyNeither of the above

10.Change from FIFO to average-cost inventory method. Accounted for prospectivelyAccounted for retrospectivelyNeither of the above

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