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Home Q & A Board Other Fields Homework Help Business Accounting
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sweethink sweethink
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5 years ago
When a firm changed its method of accounting for inventory from LIFO to FIFO in 20x4, it
decided that the 20x4 financial statements should be shown comparatively with 20x3 results.
Choose the correct statement concerning reporting the change in the retained earnings (RE)
statement.
A) There is no direct adjustment to RE because earnings for both years has been adjusted to
reflect the change
B) Only the 1/1/x3 RE balance is adjusted for the effects of the change on earnings
C) Only the 1/1/x4 RE balance is adjusted for the effects of the change on earnings
D) Both the 1/1/x3 and 1/1/x4 RE balances are adjusted for the effects of the change on
earnings before those respective dates
Textbook 
Intermediate Accounting, Volume 2

Intermediate Accounting, Volume 2


Edition: 5th
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sandy.cardssandy.cards
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sweethink Author
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#2
5 years ago
Thanks for your help!
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