When financial statements are revised to reflect the impact of a change in accounting principle, the <u>retrospective </u>approach is used.
<h3>What is financial statement?</h3>
Financial statement is use to record a company financial position as well as day to day operation or activities.
Hence, retrospective approach are often used in a situation where financial statements are revised so as to reflect the impact of a change in accounting principle.
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The exercise is related to the Ratio Test for Convergence. The rules for this kind of test are given below.
<h3>What are the rules for Ratio Test for Convergence?</h3>
The rules are:
- If the limit is less than 1 when conducting the ratio test, your series is definitely convergent.
- The test is inconclusive if the limit is equal to 1.
- The series is divergent if the limit is greater than 1.
Using this knowledge, we are able to state that
- A is not conclusive.
- C's convergence is absolute.
- There is divergence with D and E.
- B and F appear to be employing the nth-term test. The nth-term involves determining the sequence's limit as it approaches infinity.
The nth-term test determines whether a series is divergent if the limit is bigger than 0, thus, both B and F are divergent series.
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In recent years, the United States has been known to export more of its services abroad than it has imported due to its experienced workforce and industrialization.
<h3>
What is Export?</h3>
These are the goods and services which are sold to another country in exchange of money and its equivalents and is regarded as one of the determinants of the value of the gross domestic product of countries.
High technological advancement which led to the increase in industries etc in the United States has led to an increase in goods production which are sufficient enough to cater for the people. This is the why the excess is usually sold to other countries. The more exports a country has, the more revenue it generates to cater for other departments.
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