1. Which of the following changes would not be accounted for using the prospecti

1. Which of the following changes would not be accounted for using the prospective approach? (Points : 8)A change to LIFO from average costing for inventoriesA change from the individual application of the LCM rule to aggregate approachA change from straight-line to double-declining balance depreciationA change from double-declining balance to straight-line depreciation2. When the retrospective approach is used for a change to the FIFO method which of the following accounts is usually not adjusted? (Points : 8)Deferred Income TaxesInventoryRetained EarningsAll of the above usually are adjusted3. If a change is made from straight-line to SYD depreciation one should record the effects by a journal entry including (Points : 8)a credit to deferred tax liability.a credit to accumulated depreciation.a debit to depreciation expense.No journal entry is required.4. A change that uses the prospective approach is accounted for by (Points : 8)implementing it in the current year.reporting pro forma data.retrospective restatement of all prior financial statements in a comparative annual report.giving current recognition of the past effect of the change.