Give answer in detailed of below General Accounting Question Problem: 4-13A change in accounting estimate is applied?a) Retrospectivelyb) ProspectivelyC) Both prospectively and retrospectivelyd) Neither prospectively nor retrospectively

Explanation of Accounting Estimate: An accounting estimate is a reasonable approximation of a…

Answered: Problem: 4-13 A change in accounting…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 7GI

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Similar questions

A change in accounting estimate is accounted for by Prospective application Retrospective application Retrospective restatement Any of the above
Why is retrospective treatment of changes in accounting estimatedprohibited? A. Changes in estimate are normally corrections and adjustments which are the natural result of the accounting process B. The retrospective treatment for any type of presentation is not allowed C. Retrospective treatment of changes in accounting estimate is required by IFRS D. The IFRS is silent on the issue
Kindly provide the correct answers for the following items.
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.
Discuss the following terms used in MFRS 108 Accounting Policies, Changesin Accounting Estimates and Errors, and MFRS 137 Provisions, ContingentLiabilities and Contingent Assets. Provide brief examples to support thediscussion: i)Retrospective method ii)Prospective method iii)Contingent assets
How should the following changes be treated, according to PAS 8? I. A change is to be made in the method of calculating the provision for uncollectible receivables.; II. Investment properties are now measured at fair value, having previously been measured at cost. Change (1) Change (2) * Change of accounting policy Change of accounting policy Change of accounting policy Change of accounting estimate Change of accounting estimate Change of accounting policy Change of -current cost accounting estimate Change of accounting estimate
Corrections of errors that occurred on a previous periods financial statements are called ________. A. restrictions B. deficits C. prior period adjustments D. restatements
question 39 choose the correct answer from the choices
Prior period errors are omissions from and misstatements in the financial statements for one or more periods arising from a failure or misuse of reliable information that I. Was not available when financial statements for those periods were authorized for issue. II. Could reasonably be expected to have been obtained and taken into account in the preparation and presentation of those financial statements. a. I only. b. П only. c. Both I and II. d. Neither I nor II.
27-Which one of the following is an example for 'Deferrals'? a. Provision for doubtful debt b. Depreciation c. Unearned revenue d. Outstanding expenses
WHICH STATEMENT IS FALSE?A. If the net income of prior period is overstated because of the change in accounting policy, the effect is deducted from the beginning retained earnings.B. Equity is also the net assets.C. Prior period errors are shown as adjustment of the ending balance of retained earnings. If the net income of the prior period is overstated, the amount of the error uis deducted from retained earnings.D. In the conversion of preference chares into ordinary shares, if the total par or stated value of the ordinary shares is more than the original issue of the preference shares, the difference is charged to retained earnings.
9

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Problem: 4-13 A change in accounting estimate is applied? a) Retrospectively b) Prospectively C) Both prospectively and retrospectively d) Neither prospectively nor retrospectively