#6-10 please, thank you! listed below are various types of accounting changes or errors. 6. Change due to understatement of inventory.7. Change in the rate used to compute bad debt expense.8. Change from presenting unconsolidated toconsolidated financial statements.9. Change from direct write-off to allowancemethod of accounting for bad debts.10. Change from LIFO to average-cost inventory method. Listed below are various types of accounting changes and errors.Change in the amortization period for atrademark.1.2.Change in the double-declining-balance methodto straight-line method of depreciation.3.Change from percentage-of-completion to4. completed-contract method on constructioncontracts.5. Change in equipment's salvage value.6.Change due to understatement of inventory.Change in the rate used to compute bad debtexpense.7.8.Change from FIFO to average-cost inventorymethod.9.10.Change from presenting unconsolidated toconsolidated financial statements.Change from direct write-off to allowancemethod of accounting for bad debts.Change from LIFO to average-cost inventorymethod.Instructions: Instructions:For each change or error, indicate how it would be accounted for using thefollowing letter codes:A. Accounted for prospectivelyB. Accounted for retrospectivelyC. Prior period adjustment

The prospective effect represents that the changes in the accounting policy would only affect the…

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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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#6-10 please, thank you!

listed below are various types of accounting changes or errors.

6. Change due to understatement of inventory.

7. Change in the rate used to compute bad debt expense.

8. Change from presenting unconsolidated to
consolidated financial statements.

9. Change from direct write-off to allowance
method of accounting for bad debts.

10. Change from LIFO to average-cost inventory method.

Listed below are various types of accounting changes and errors.
Change in the amortization period for a
trademark.
1.
2.
Change in the double-declining-balance method
to straight-line method of depreciation.
3.
Change from percentage-of-completion to
4. completed-contract method on construction
contracts.
5. Change in equipment's salvage value.
6.
Change due to understatement of inventory.
Change in the rate used to compute bad debt
expense.
7.
8.
Change from FIFO to average-cost inventory
method.
9.
10.
Change from presenting unconsolidated to
consolidated financial statements.
Change from direct write-off to allowance
method of accounting for bad debts.
Change from LIFO to average-cost inventory
method.
Instructions:

Instructions:
For each change or error, indicate how it would be accounted for using the
following letter codes:
A. Accounted for prospectively
B. Accounted for retrospectively
C. Prior period adjustment

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