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 adjustmentRetrospective 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 bA change in accounting estimate is accounted for by Prospective application Retrospective application Retrospective restatement Any of the above
- Multiple 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.…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 issueWhich 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
- Prospective application of recognizing the effect of a change in an accounting estimate means A. correcting the recognition, measurement and disclosure of amounts of elements of financial statements as if a prior period error had never occured B. recognizing the effect of the change in the accounting estimate in the current and future periods affected by the change C. applying a new accounting policy to transactions other events and conditions as if the policy had always been applied D. Any of the choicesWhich 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.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.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 entityquestion 39 choose the correct answer from the choices