hich of the following is not a retrospective-type accounting change?   Question 58 options: a Sum-of-the-years'-digits method to the straight-line method b LIFO method to the FIFO method for inventory valuation c "Full cost" method to another method in the extractive industry

Q: The accounting principle that requires that a product's selling cost be recording in the same period…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Match the following challenges in revenue recognition with their corresponding aspec A. Determining…

A: Accounting Concepts -The phrase "accounting concepts" refers to fundamental guidelines,…

Q: A change in accounting estimate is accounted for by Prospective application Retrospective…

A: A change in accounting estimate refers to an adjustment made to an asset or liability on the books…

Q: Q2. Which of the following inventory valuation methods typically results in the highest reported…

A: B) Last - In, First - Out (LIFO)Explanation:LIFO (Last-in, First-out) is typically used during…

Q: An example of a correction of an error in previously issued financial statements is a change…

A: A correction of an error in financial reporting refers to the rectification of a material mistake or…

Q: 6 Interest and dividend income on non-strategic investments a. are expensed using impairment b. C. d…

A: The objective of the question is to identify the correct options for the given accounting scenarios.

Q: If a company sells a product, and gives the buyer the right to return the product within a specified…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: The accrual of restructuring costs creates obligations (liabilities) referred to as exit or disposal…

A: 1.

Q: The term LIFO reserve refers to O a cost flow assumption for valuing inventory O inventory pools…

A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…

Q: Q 4 Under IAS 29, how would you Restate items from the statement of profit or loss and other…

A: IAS 29 is for those entities that work in a hyperinflationary economy and their functional currency…

Q: Which of the following is an off -balance-sheet fi nancing technique? Th e use ofA . capital…

A: An off-balance sheet financing technique Under which an entity does the recording of assets as well…

Q: Burgess Company makes the following errors during 2025. 1. 2. 3. Ending inventory is understated,…

A: An error in an accounting entry that was not intentional. Errors in inventory will affect the cost…

Q: Which of the following is NOT an efficiency ratio us financial statement review? OOC Operating…

A: Efficiency ratio how much is the firm efficient and more efficiency mean more profit and more growth…

Q: The credit balance that arises when a net loss on a purchase commitment is reconginzed should be..…

A: Balance Sheet :—This statement shows assets owned by company, liabilities of the company, and…

Q: Intercompany Transactions How do unrealized intercompany inventory profits from a prior period…

A: Unrealized intercompany profits occur when one entity of a consolidated group sells inventory to…

Q: d. With respect to the deferred gain on intercompany sale, what effect (i.e., amount) will it have…

A: An adjusting journal entry is made in the company's general ledger at the end of an accounting…

Q: David Mendez Under the percentage-of-completion method, how should the balances of progress billings…

A: Progress Billings as income: Progress billings represent amounts billed to customers for work…

Q: Discuss how, in choosing the accounting methods below, the following ratios can be affected – rate…

A: Answer: •The return on assets shows the percentage of how profitable a company's assets are in…

Q: Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org) and select…

A: Accounting Standard -Any document that specifies how accounting transactions should be documented…

Q: 52. Pooling of interest is a method of A. O valuation of inventory B. O calculation of purchase…

A: In preparing the transferee company’s financial statements by using pooling of interest method, the…

Q: 75. An alternative term used for accumulated depreciation expenses? A. O Provision for depreciation…

A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…

Q: QUESTION 30 If a loss contingency related to a lawsuit against a firm is deemed to have a reasonable…

A: There are some liabilities for which companies are not prepared in present it all depends on the…

Q: 0. For share appreciation rights S1. the measurement date for liability instruments is the…

A: Stock appreciation right (SAR) -   Entitles an employee to receive stock/cash if the entity's stock…

Q: Which U.S. GAAP principle or rule would apply if the net realizable value of acompany’s inventory is…

A: Net realizable value: Net realizable value is the net amount of receivables which a business expects…

Q: When a revenue arrangement involves more than one performance obligation, which of the following…

A: Solution: When a revenue recognition involves more than one performance obligation "Whether each…

Q: Match the term on the left to the appropriate description on the right. v Cost of goods available…

A: Cost of goods available for sale is used for calculating cost of goods sold, COGS=COGAS-Ending…

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.