1. Which of the following is not usually accounted for retrospectively? a. Change in the composition...

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1. Which of the following is not usually accounted for retrospectively? a. Change in the composition of firms reporting on a consolidated basis b. Change from LIFO to FIFO c. Change from expensing extraordinary repairs to capitalize the expenditures d. Change from FIFO to LIFO 2. A prospective approach usually is required for: a. A change in estimate b. A change in reporting entity C. A change in accounting principle d. A correction of an error 3. In an employer-sponsored defined benefit pension plan, the interest cost included in the pension expense represents: a. The effective discount rate times the unamortized balance of prior service cost b. The increase in the projected benefit obligation due to passage of time c. The increase in the fair value of plan assets due to the passage of time d. The difference between the actual and expected returns on plan asset 1. Which of the following is not usually accounted for retrospectively? a. Change in the composition of firms reporting on a consolidated basis b. Change from LIFO to FIFO c. Change from expensing extraordinary repairs to capitalize the expenditures d. Change from FIFO to LIFO 2. A prospective approach usually is required for: a. A change in estimate b. A change in reporting entity C. A change in accounting principle d. A correction of an error 3. In an employer-sponsored defined benefit pension plan, the interest cost included in the pension expense represents: a. The effective discount rate times the unamortized balance of prior service cost b. The increase in the projected benefit obligation due to passage of time c. The increase in the fair value of plan assets due to the passage of time d. The difference between the actual and expected returns on plan asset

Answer rating: 100% (QA)

answer 1 Option B is correct change from LIFO to FIFO The LastIn FirstOut method assumes that the la... View the full answer