Statement of financial position as at the beginning of the earliest comparative period is not required when an entity A. Reclassifies items in its financial statements. B. Changes an accounting estimate. C.Applies an accounting policy retrospectively. D.Makes a retrospective restatement of items in its financial statements.

Q: If it is impracticable to determine the cumulative effect of an accounting change to any of the…

A: There are situations when company adopt to new method of accounting due to which changes occur in…

Q: If the income statement error is discovered in a subsequent accounting period, what action is to be…

A: Solution Nominal account is a general ledger account pertaining to all income , expenses , losses…

Q: process of incorporating

A: Option a is wrong because one of the options is correct. Option b is wrong because de-recognition…

Q: Generally accepted methods of accounting for a change in accounting principle include restating…

A: Whenever a company is opts for a new accounting principle in its current financial statements. The…

Q: Companies that use IFRS: a.    may report all their assets on the statement of financial position at…

A: Answer:   Option c.

Q: Why should the beginning retained earnings be adjusted for prior period errors and effects of change…

A: Prior period errors are the omissions from and miss-statements in entity's financial statement for…

Q: 10. Which of the following should be disclosed in a şummary of significant accounting policies? a.…

A: Let's Understand the basics Accounting policies are the specific principles and procedures…

Q: A change in accounting estimate is An adjustment of the carrying amount of an asset or liability,…

A: Answer: Change in accounting estimate is the change in the value of the carrying amount of the…

Q: Accounting estimates are those adopted by an entity in preparing and presenting its financial…

A: Explanation: Accounting estimates is a approximate amount that is used for measurement when there is…

Q: Which of the following best describes the application ofgenerally accepted accounting principles to…

A: Accounting principles: These are the assumption, concepts, and guidelines necessary to prepare and…

Q: During the life-time of an entity accounting produce financial statements in accordance with which…

A: According to the accounting concept i.e. “Accounting Period”, In accordance with accounting period…

Q: If the statement of financial position error is discovered in the year of error, what action is to…

A: Errors mean the data entered in the financial system is not as per accounting standard. There has…

Q: Entities should disclose all of the following in interim financial report, except: a. Basic and…

A: Earlier period blunders are oversights from, and misquotes in, the substance's budget summaries for…

Q: Which of the following statement is correct regarding accounting changes that result in financial…

A: Introduction:- The following statement is correct regarding accounting changes that result in…

Q: RUE OR FALSE? The cumulative effect of change in accounting policy is shown in the income statemen

A: Solution Concept Accounting policy refers to the principles that is used in the presentation and…

Q: A change in accounting policy requires what kind of adjustment to the financial statements? A.…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Choose the incorrect statement below: A. An entity shall select and apply different accounting…

A: As per IAS 8, Accounting Policies, Changes in accounting estimates and Errors, An accounting policy…

Q: Which statement is true about Accrual-basis accounting based on the multiple statement below?:…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Using IFRS, how should prior period errors that are discovered in a subsequent reporting period be…

A: IFRS: They are commonly known as IFRS. It is a set of accounting standards which are developed by…

Q: the income statement error is discovered in the year of error, what action is to be done by the…

A: Solution Concept If the income statement error is discovered in the year of error then that error…

Q: How should a change in accounting estimate be recognized and disclosed in the financial statements?

A: As per IAS 8 Accounting policies, changes in accounting estimates and errors an accounting estimate…

Q: The effect of a revision of an accounting estimate must be recognised in profit and loss in which…

A: The estimate is based upon the opinion of one person that can vary in upcoming periods.

Q: Which of the following is an assumption made in the preparation of the financial statements?

A: Which of the following is an assumption made in the preparation of the financial statements? Answer…

Q: The effect of which is recognized directly in equity rather than in surplus or deficit Correction…

A: The answer is provided as follows:

Q: If the statement of financial position error is discovered in a subsequent accounting period, what…

A: The error in the financial statement could be cause due to any mathematical mistakes or other…

Q: Choose the best accounting treatment for each of the following items. Change from straight-line to…

A: The change in accounting is either changed prospectively or retrospectively. Prospectively means…

Q: Where a change in accounting estimates occurs, which of the following should be disclosed? A. The…

A: A change in accounting estimates is: A change that has the effect of adjusting the carrying amount…

Q: Generally accepted methods of accounting for a change in accounting principle include O including…

A: Generally accepted methods of accounting for a change in accounting principle include "Restating…