Which of the following is a change in accounting estimate?
I. A change from straight-line depreciation to double-declining balance method
II. A change in estimated residual value of depreciable asset
III. A change in estimated useful life of an asset
IV. Recording depreciation for the first time on machinery purchased five years ago

a. II, III

b. I, II, III

c. I, II, III, IV

d. II, III, IV

Answer rating: 100% (QA)

c I II III IV EXPLANATION A change in accounting estimate ... View the full answer