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Identify for each item below the type of change and the reporting approach Wagner would use. Type of Change (choose one) Reporting Approach (choose one) P. E. EP. X. N. Change in accounting principle Change in accounting estimate Change in estimate resulting from a change in principle Correction of an error Neither an accounting change nor an accounting error. R. Retrospective approach P. Prospective approach

Identify for each item below the type of change and the reporting approach Wagner would use. Type of Change (choose one) Reporting Approach (choose one) P. E. EP. X. N. Change in accounting principle Change in accounting estimate Change in estimate resulting from a change in principle Correction of an error Neither an accounting change nor an accounting error. R. Retrospective approach P. Prospective approach

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the beginning of 2024, Wagner Implements undertook a variety of changes in accounting methods, corrected several errors, and instituted new accounting policies. Required: Identify for each item below the type of change and the reporting approach Wagner would use. Type of Change (choose one) Reporting Approach (choose one) P. E. EP. X. N. Change in accounting principle Change in accounting estimate Change in estimate resulting from a change in principle Correction of an error Neither an accounting change nor an accounting error. R. Retrospective approach P. Prospective approach
Transcribed Image Text:At the beginning of 2024, Wagner Implements undertook a variety of changes in accounting methods, corrected several errors, and instituted new accounting policies. Required: Identify for each item below the type of change and the reporting approach Wagner would use. Type of Change (choose one) Reporting Approach (choose one) P. E. EP. X. N. Change in accounting principle Change in accounting estimate Change in estimate resulting from a change in principle Correction of an error Neither an accounting change nor an accounting error. R. Retrospective approach P. Prospective approach
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