Homework Help is Here – Start Your Trial Now!
Business
Accounting
Can you help me with the match terms, please? Thank u :) Modified retrospective approach Prospective approach and retrospective approach are the options

Can you help me with the match terms, please? Thank u :) Modified retrospective approach Prospective approach and retrospective approach are the options

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Can you help me with the match terms, please? Thank u :) Modified retrospective approach Prospective approach and retrospective approach are the options

Knowledge Check 01 Match the term and the definition. TERM DEFINITION Accounting change is applied only to the adoption period with adjustment of the balance of retained earnings at the beginning of the adoption period to capture the cumulative effects of prior periods. 1. Financial statements issued in previous years are revised to reflect the impact of an accounting change whenever those 2. statements are presented again for comparative purposes. No adjustment is made to the beginning account balances; instead, the old method is simply 3. discontinued and the new method applied from then on.
Transcribed Image Text:Knowledge Check 01 Match the term and the definition. TERM DEFINITION Accounting change is applied only to the adoption period with adjustment of the balance of retained earnings at the beginning of the adoption period to capture the cumulative effects of prior periods. 1. Financial statements issued in previous years are revised to reflect the impact of an accounting change whenever those 2. statements are presented again for comparative purposes. No adjustment is made to the beginning account balances; instead, the old method is simply 3. discontinued and the new method applied from then on.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Policies, Changes in Accounting Estimates and Errors
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS