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Question: The cumulative effect of a change in accounting principle should be recorded as an adjustment to retained earnings, when the change is:

- Completed-contract method of accounting for long-term construction-type contracts to the percentage-of-completion method

- Cash basis of accounting for vacation pay to the accrual basis.

- Longer useful life of equipment to shorter useful life.

- Straight-line method of depreciation for previously recorded assets to the double-declining-balance method.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92579537

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