Accounting for IGCSE & O level - Accounting Procedures (Section 16 - No. 21)
If a company decides to change the estimated useful life of an asset, what will that do?
Impact future depreciation expense.
Require retrospective correction of all previous depreciation entries.
Have no impact on the financial statements.
Only affect the balance sheet.
Explanation
A change in estimated useful life will affect future depreciation charges.
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