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2014 DEC MCQ-1

This topic has 1 reply, 2 voices, and was last updated 9 years ago by MikeLittle.

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February 24, 2016 at 3:27 pm #301850
yushanshan
Member
- Topics: 84
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Hi sir,
I just wonder the reason why choices BC in MCQ 1(2014 dec ) are changes of accounting estimate instead of policy.
February 25, 2016 at 7:25 am #301950
MikeLittle
Keymaster
- Topics: 27
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B is a change of strategy by the directors of the company, not a change of accounting policy
C is still valuing inventory at the lower of cost and nrv – just a different way of arriving at “cost”
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