the cumulative effect of a change in accounting principle should be recorded as an adjustment to retained earnings, when the change is: cash basis of accounting for vacation pay to the accrual basis. straight-line method of depreciation for previously recorded assets to the double-declining-balance method. longer useful life of equipment to shorter useful life. completed-contract method of accounting for long-term construction-type contracts to the percentage-of-completion method.

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10-12-2022
Business

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the cumulative effect of a change in accounting principle should be recorded as an adjustment to retained earnings, when the change is: cash basis of accounting for vacation pay to the accrual basis. straight-line method of depreciation for previously recorded assets to the double-declining-balance method. longer useful life of equipment to shorter useful life. completed-contract method of accounting for long-term construction-type contracts to the percentage-of-completion method.

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AarushiAanand AarushiAanand · Answer 1 · 2022-12-15T16:04:35+01:00

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.

The accounting principle is the principle of finance which refers to rules and guidelines which is followed by the firms for the reporting financial statements. It is also refers to the generally accepted accounting principle through the United State securities.

The accounting principle rules makes the work easy for the company to examine finance data.

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