Approach now used for changes in depreciation methods

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Reference no: EM13754530

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. Problem 1 1. Prospective approach The approach now used for changes in depreciation methods. ____ 2. Changes in accounting principle Required for all material accounting changes and error corrections. ____ 3. Changes in reporting entity accounting changes always handled retrospectively. ____ 4. Error corrections Most are handled under the retrospective approach. ____ 5. Disclosure note Involves consolidated financial statements. ____

Reference no: EM13754530

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