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Which practice can be supported by gaap in accordance

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Problem 1: Current liabilities are normally recorded at the amount expected to be paid and not at their present value. This practice can be supported by GAAP in accordance with the concept of:

Option 1: Pareo

Option 2: Consistency

Option 3: Materiality

Option 4: Conservatism

Problem 2: Which of the following changes should be accounted for using the retrospective approach?

Option 1: A change in the estimated useful life of a depreciable asset

Option 2: A shift from straight-line depreciation to declining balance

Option 3: A change from the LIFO method of inventory costing.

Option 4: A change from the completed-contract method of accounting for long-term construction contracts

Reference no: EM132622810

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