1. Which of these inventory changes would be accounted for prospectively?
Select one:
a. FIFO to LIFO, but not LIFO to FIFOb. LIFO to FIFO, but not FIFO to LIFOc. Both FIFO to LIFO and LIFO to FIFOd. Neither FIFO to LIFO nor LIFO to FIFO
2. Which of these changes would be accounted for prospectively?
a. Change in estimated salvage value, but not from LIFO to FIFOb. Change from LIFO to FIFO, but not a change in estimated salvage valuec. Change in both, from LIFO to FIFO and in estimated salvage valued. Change in neither, from LIFO to FIFO nor in estimated salvage value
3. The "Retrospective" method of recording voluntary accounting changes will include:
Select one:
a. A Cumulative Effects adjustment at the bottom of the income statementb. A Cumulative Effects adjustment to Retained Earningsc. No restatement of prior-year financial statementsd. A Cumulative Effects adjustment at the top of the income statement