The effect of a revision of an accounting estimate must be recognised in profit and loss in which reporting periods?     In the present, prior (by adjusting retained earnings) and future periods affected.     In the present and future periods affected.     In the present and prior reporting periods (by adjusting retained earnings).     Not recognised in any period.

Q: Under the Revenue Recognition Principle in IFRS, revenue is recognized In the accounting period when…

A: Under accrual-basis accounting, events that change a company's financial statements are recognized…

Q: A change in accounting estimate is accounted for by Prospective application Retrospective…

A: A change in accounting estimate refers to an adjustment made to an asset or liability on the books…

Q: The accounting changes identified by current GAAP include all of the following except O change in…

A: US GAAP provides the guidelines for the requirements of reflecting the accounting changes and…

Q: Which statement concerning accounting for accounting changes and errors is not true? a. An error is…

A: Accounting principles means the principles which is used while making the books of accounts. For…

Q: Define a change in estimate and provide an example. When is a change in accounting principle…

A: The answer:

Q: Why does the recording of adjusting entries require a bet-ter understanding of the concepts of…

A: Routine revenue and expense transactions are transactions of normal sales, purchases or occurrence…

Q: Earnings per share should be reported separately for   a).depreciable assets. b).discontinued…

A: Earning per share (EPS): It is the financial ratio where earning capacity of a share is calculated…

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: Which of the following is (are) the proper time period(s) to record the effects of a change in…

A: Change in accounting estimate means making changes in the estimated amount of assets and liabilities…

Q: Prior-period adjustments can arise from

A: Prior period items are expenses or incomes which arise in the current period as a result of errors…

Q: Change in an accounting principle is accounted for O by a prior period adjustment. O by a…

A: Accounting principles are those set of rules, policies and guidelines which are used for making…

Q: the total debits in the statement of realization and liquidation exceeds the total credits, there is…

A: THE CORRECT ANSWER IS (A) NET LOSS FOR THE PERIOD ,   To calculate a realized gain or loss, take the…

Q: What impact may the low accuracy of accounting estimates have on the annual statements?

A: Accounting estimates means estimation of the accounting transactions based on different factors like…

Q: Which method of recording bad debt loss is consistent with accrual accounting?   A. Allowance…

A: Allowance for doubtful debts is known as a contra asset account i.e used to decrease the value of…

Q: Changes in accounting principles generally are reported

A: Accounting principles are a set of rules to be followed during the preparation of financial…

Q: According to AASB110, which of the following is an adjusting event? Select one: a. All of the above…

A: As per AASB 110, the events that provides the evidence of the conditions that are in existence at…

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…