Adoption of ASC Topic 842 related to leases represents a Multiple Choice o voluntary change in accounting principle.o mandatory change in accounting estimate. o voluntary change in accounting estimate. o mandatory change in accounting principle. Which of the following accounting principle changes typically is reported prospectively? Multiple Choice o Adopting ASC topic 606 on revenue recognition on the standard's effective date. o Changing inventory method from LIFO to FIFO.o Changing inventory method from FIFO to LIFO.o Changing reporting of investments from the equity method to the fair value method. ASC Topic 606 on Revenue Recognition requires which transition method? Multiple Choice o Modified retrospective approach o Full retrospective restatement o Retrospective restatement or prospective approach o Full retrospective restatement or modified retrospective approach
