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Question 10 Which of the following should be reported when an entity changed the expected service life of a depreciable property? A cumulative effect of change in accounting policy B proforma effect of retroactive application prior period error D an accounting change that should be reported in the period of change and future periods Question 11 Which event after the end of reporting period would generally require disclosure? (A) retirement of key management personnel B settlement of obligation when the event that gave rise to the litigation occurred in a period period (c) strike of employees D issue of a large amount of ordinary shares Question 12 Events that occur after the current year-end but before the financial statements are issued and affect the realizability of accounts receival discussed in the management annual report. (B) disclosed in the notes to financial statements. Cused to record an adjustment to bad debt expense. an adjustment directly to retained earnings.

Question 10 Which of the following should be reported when an entity changed the expected service life of a depreciable property? A cumulative effect of change in accounting policy B proforma effect of retroactive application prior period error D an accounting change that should be reported in the period of change and future periods Question 11 Which event after the end of reporting period would generally require disclosure? (A) retirement of key management personnel B settlement of obligation when the event that gave rise to the litigation occurred in a period period (c) strike of employees D issue of a large amount of ordinary shares Question 12 Events that occur after the current year-end but before the financial statements are issued and affect the realizability of accounts receival discussed in the management annual report. (B) disclosed in the notes to financial statements. Cused to record an adjustment to bad debt expense. an adjustment directly to retained earnings.

FINANCIAL ACCOUNTING
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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Question 10 Which of the following should be reported when an entity changed the expected service life of a depreciable property? (A) cumulative effect of change in accounting policy B proforma effect of retroactive application Dan accounting change that should be reported in the period of change and future periods prior period error Question 11 Which event after the end of reporting period would generally require disclosure? A retirement of key management personnel settlement of obligation when the event that gave rise to the litigation occurred in a period period B strike of employees D issue of a large amount of ordinary shares Question 12 Events that occur after the current year-end but before the financial statements are issued and affect the realizability of accounts receivable should be: A discussed in the management annual report. B disclosed in the notes to financial statements. D C used to record an adjustment to bad debt expense. an adjustment directly to retained earnings.
Transcribed Image Text:Question 10 Which of the following should be reported when an entity changed the expected service life of a depreciable property? (A) cumulative effect of change in accounting policy B proforma effect of retroactive application Dan accounting change that should be reported in the period of change and future periods prior period error Question 11 Which event after the end of reporting period would generally require disclosure? A retirement of key management personnel settlement of obligation when the event that gave rise to the litigation occurred in a period period B strike of employees D issue of a large amount of ordinary shares Question 12 Events that occur after the current year-end but before the financial statements are issued and affect the realizability of accounts receivable should be: A discussed in the management annual report. B disclosed in the notes to financial statements. D C used to record an adjustment to bad debt expense. an adjustment directly to retained earnings.
Question 7 This means correcting the recognition, measurement and disclosure of amounts of elements of financial statements as if a prior period error had never occured. retrospective application Bretrospective restatement prospective application D prospective restatement Question 8 If it is impracticable to determine the cumulative effect of an accounting change to any of the prior periods, the accounting change should be accounted for: as a prior period error Bon a prospective basis as a cumulative effect of change in the income statement as an adjustment of retained earnings Question 9 What is the characteristic of a change in accounting estimate? A) It usually need not be disclosed. B It does not affect the financial statements of prior period. It should be reported through the restatement of the financial statements. D If makes necessary the reporting of proforma amounts.
Transcribed Image Text:Question 7 This means correcting the recognition, measurement and disclosure of amounts of elements of financial statements as if a prior period error had never occured. retrospective application Bretrospective restatement prospective application D prospective restatement Question 8 If it is impracticable to determine the cumulative effect of an accounting change to any of the prior periods, the accounting change should be accounted for: as a prior period error Bon a prospective basis as a cumulative effect of change in the income statement as an adjustment of retained earnings Question 9 What is the characteristic of a change in accounting estimate? A) It usually need not be disclosed. B It does not affect the financial statements of prior period. It should be reported through the restatement of the financial statements. D If makes necessary the reporting of proforma amounts.
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