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Accounting treatment for changes in accounting principle are best described as:

Multiple Choice

  • Changes in accounting principle that are only permitted when FASB issues a standard that revises GAAP.

  • Tax effects are ignored when reporting changes in accounting principles.

  • Changes in accounting principle that may require both a restatement of prior years’ financial information and the recording of a cumulative adjustment to retained earnings.

  • Changes in accounting principle that are always accounted for using the retrospective approach which requires only a restatement of prior years’ presented financial information.

The Shill Company uses the dollar-value LIFO method for valuing inventory. The following inventory information is available at the end of the year:

Year Year-End Price Price Index
1 $ 200,000 100
2 250,000 105
3 296,000 108
4 286,000 110

The inventory under dollar-value LIFO at the end of Year 3 is:

Multiple Choice

  • $278,857.

  • $274,074.

  • $300,000.

  • $276,800.


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