A change in accounting estimate affects? A change in accounting estimate affects?a) Prior periods onlyb) All periods equallyc) Current period onlyd) Current and future periods

Explanation of Accounting Estimate: An accounting estimate refers to the approximation of uncertain…

Answered: A change in accounting estimate…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter8: Recording Closing Entries And Preparing A Post-closing Trial Balance For A Service Business

Section8.1: Recording Closing Entries

Problem 1AYU

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A prior period adjustment relates to the income of pastaccounting periods. Explain how such an item is shown inthe financial statements.
The cumulative effect of an accounting change should generally be reported as an adjustment to the beginning balance of retained earnings in tin period in which the change is made for a:
Generally accepted methods of accounting for a change in accounting principle include O ncluding the cumulative effect of the change in current period net income. restating prior years' financial statements presented for comparative purposes. O making a prior period adjustment. O prospective changes.
Changes in accounting estimates are: A. Reported in past periods only.B. Reported as prior period adjustments.C. Accounted for in current and future periods.D. Reported in future periods only.
A change in accounting policy requires what kind of adjustment to thefinancial statements? A. Current period adjustmentB. Prospective adjustmentC. Retrospective adjustmentD. Current and prospective adjustment
corrections of errors that occurred on a previous period’s financial statements are called?
Horizontal analysis is a technique for evaluating financial statement dataa. for one period of timeb. over a period of timec. on a certain dated. as it may appear in the future
Which of the following is not one of the suggested approaches to reporting changes in the accounts? a. current period. b. retrospective. c. prospective. d. selective period.
If accrued liabilities are overestimated in the current period, the reported income in a following period will be lower than it should be. Select one: True False
What is the effect of omission of prepaid expense in net income during the year of error? a. Overstated b. Cannot be determined based on the given information c. Understated d. No Effect
What is the effect on the current period income statement and the balance sheet when inventories are written down using the lower of cost or market method? What is the effect on future period income statements and balance sheets?
Corrections of errors that occurred on a previous periods financial statements are called ________. A. restrictions B. deficits C. prior period adjustments D. restatements

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A change in accounting estimate affects? a) Prior periods only b) All periods equally c) Current period only d) Current and future periods