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

Principles of Accounting Volume 1

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 18MC: Corrections of errors that occurred on a previous periods financial statements are called ________....

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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

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Give answer in detailed of below General Accounting Question
Sub: Financial Accounting
Retrospective restatement usually is appropriate for a change in: Accounting Estimate Accounting Principle a. Yes Yes b. Yes No c. No Yes d. No No Multiple Choice Option c Option b
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 No
Which 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.
6 MARKS
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 entity
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 correct
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