State how each of the following items is reflected in thefinancial statements.(a) Change from FIFO to LIFO method for inventoryvaluation purposes.(b) Charge for failure to record depreciation in a previousperiod.(c) Litigation won in current year, related to prior period.(d) Change in the realizability of certain receivables.(e) Write-off of receivables.(f) Change from the percentage-of-completion to thecompleted-contract method for reporting net income.

Question

State how each of the following items is reflected in the
financial statements.
(a) Change from FIFO to LIFO method for inventory
valuation purposes.
(b) Charge for failure to record depreciation in a previous
period.
(c) Litigation won in current year, related to prior period.
(d) Change in the realizability of certain receivables.
(e) Write-off of receivables.
(f) Change from the percentage-of-completion to the
completed-contract method for reporting net income.

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