Problem: 4-13 A change in accounting estimate is applied? a) Retrospectively b) Prospectively C) Both prospectively and retrospectively d) Neither prospectively nor retrospectively
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- A change in accounting policy requires what kind of adjustment to thefinancial statements? A. Current period adjustmentB. Prospective adjustmentC. Retrospective adjustmentD. Current and prospective adjustmentA change in accounting estimate is accounted for by Prospective application Retrospective application Retrospective restatement Any of the aboveMultiple choice 1. A change in measurement basis is most likely a. change in accounting policy. c. error. b. change in accounting estimate. d. any of these 2. A correction of prior period error is accounted for by a. retrospective application. b. retrospective restatement. c. prospective application. d. impracticable application. 3. Which of the following is a change in accounting estimate? a. Change from the cost model to the fair value model of measuring investment property. b. Change in business model for classifying financial assets resulting to the reclassification of a financial asset from being measured at amortized cost to fair value. c. Change in the method of recognizing revenue from long term construction contracts. d. Change in the depreciation method, useful life or residual value of an item of property, plant and equipment. 4. These result from new information or new developments. a. Changes in accounting estimates b. Changes in accounting policies C.…
- Which of the following is true regarding whether IFRS specifically addresses the accounting and reporting for effects of changes in accounting policies? Direct Effects Indirect Effects a. Yes Yes b. No No c. No Yes d. Yes NoWhich of the following is not one of the approaches for reporting accounting changes? The change approach. O The retrospective approach. The prospective approach. O All of these answer choices are approaches for reporting accounting changes.Adoption of ASC Topic 606 related to revenue recognition represents a Multiple Choice voluntary change in accounting principle Omandatory change in accounting principle. O voluntary change in accounting estimate. mandatory change in accounting estimate.
- Which of the following accounting changes is always accounted for prospectively? correction of an error change in accounting estimate change in accounting principle change in reporting entityGenerally accepted methods of accounting for a change in accounting principle include O ncluding the cumulative effect of the change in current period net income. restating prior years' financial statements presented for comparative purposes. O making a prior period adjustment. O prospective changes.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
- which one is correct please responc? QUESTION 31 Pro forma financial statements show the results of some ____ event rather than a(n) ____ event. a. actual; assumed b. assumed; actual c. deterministic; probabilistic d. None of these are correctStep by step answerWhy should the beginning retained earnings be adjusted for prior period errors and effects of change in accounting policy?