QUESTION 19 When a company decreases the estimated useful life of a PP&E asset O a. It is admitting it made a mistake and needs to correct the financial statements affected by this mistake. O b. It will recognize less total depreciation expense than it originally planned. O c. It must revise depreciation expense for future periods only. O d. It must disclose the change in estimate but depreciation expense will not change.

QUESTION 19 When a company decreases the estimated useful life of a PP&E asset O a. It is admitting it made a mistake and needs to correct the financial statements affected by this mistake. O b. It will recognize less total depreciation expense than it originally planned. O c. It must revise depreciation expense for future periods only. O d. It must disclose the change in estimate but depreciation expense will not change.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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