Financial Accounting Practice Test 2026 | Exam Prep Questions And Answers

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Under IAS 8, a change from the FIFO to the weighted average cost formula for measuring inventory is treated as which of the following?

A change in accounting estimate, applied prospectively A change in accounting policy, applied retrospectively A prior period error, corrected by restating opening retained earnings only A change requiring disclosure but no adjustment to the figures

Correct Answer:

A change in accounting policy, applied retrospectively

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