ADV.FIN.ACCT.LL W/CONNECT+PROCTORIO PLUS
12th Edition
ISBN: 9781266380570
Author: Christensen
Publisher: MCG
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Chapter 13, Problem 13.3.1E
To determine
Concept Introduction: Interim financial reporting is reporting of financial statements like Income Statement and
To select: The correct option that defines the inherent difficulty in determining the results of operations on an interim basis.
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Which of the following is not a retrospective-type accounting change?
A. Cost recovery method to the percentage of completion method for construction contracts.
B. Weighted average to FIFO for inventory valuation.
C. “Full cost method” to “successful effort method” in the extractive industry.
D. Percent of sales method to aging method in recognizing doubtful accounts.
which of the following is not true regarding standards for interim reporting?
a. declines in inventory value should be deferred to future interim periods
b. use of the gross margin method for computing cost of goods sold must be disclosed
c. costs and expenses not directly associated with interim revenue must be allocated to interim period on a reasonable basis
d. gains and losses that arise in an interim period should be recognized in the interim period in which they arise if they would not normally be deferred at year end
Required:
Match the following statements 1-10 the appropriate code letter A-C
Statements 1-10 are as follows:
Change due to understatement of inventory
Change due to charging a new asset directly to an expense account
Change from expensing to capitalizing certain costs, due to a change in periods benefited
Change from FIFO to average cost inventory procedures
Change due to failure to recognize an accrue (un-collected) revenue
Change in amortization period for an intangible asset
Change in expected recovery of an account receivable
Change in the loss rate on warranty costs
Change due to failure to recognize and accrue income
Change in residual value of depreciable plant asset
Codes A-C are as follows:
A. Change in accounting policy
B. Change in accounting estimate
C. Error correction
Statements 1-10
Codes A-C (select ONE code per statement)
1
2
3
4
5
6
7
8
9
10
Chapter 13 Solutions
ADV.FIN.ACCT.LL W/CONNECT+PROCTORIO PLUS
Ch. 13 - Prob. 13.1QCh. 13 - Prob. 13.2QCh. 13 - What are the three 10 percent significance tests...Ch. 13 - Prob. 13.4QCh. 13 - A company has 10 industry segments, of which the...Ch. 13 - Prob. 13.6QCh. 13 - Prob. 13.7QCh. 13 - Prob. 13.8QCh. 13 - Prob. 13.9QCh. 13 - Prob. 13.10Q
Ch. 13 - Prob. 13.11QCh. 13 - Prob. 13.12QCh. 13 - Prob. 13.13QCh. 13 - Prob. 13.14QCh. 13 - Maness Company made a change in accounting for its...Ch. 13 - Prob. 13.1CCh. 13 - Prob. 13.2CCh. 13 - Prob. 13.3CCh. 13 - Prob. 13.7CCh. 13 - Prob. 13.8CCh. 13 - Prob. 13.9CCh. 13 - Reportable Segments Data for the seven operating...Ch. 13 - Prob. 13.2.1ECh. 13 - Prob. 13.2.2ECh. 13 - Prob. 13.2.3ECh. 13 - Prob. 13.2.4ECh. 13 - Prob. 13.2.5ECh. 13 - Prob. 13.2.6ECh. 13 - Prob. 13.2.7ECh. 13 - Prob. 13.2.8ECh. 13 - Prob. 13.2.9ECh. 13 - Prob. 13.2.10ECh. 13 - Prob. 13.2.11ECh. 13 - Prob. 13.3.1ECh. 13 - Prob. 13.3.2ECh. 13 - Multiple-Choice Questions on Interim Reporting...Ch. 13 - Prob. 13.3.4ECh. 13 - Prob. 13.3.5ECh. 13 - Prob. 13.3.6ECh. 13 - Prob. 13.3.7ECh. 13 - Prob. 13.3.8ECh. 13 - Prob. 13.3.9ECh. 13 - Prob. 13.3.10ECh. 13 - LIFO Liquidation During July, Laesch Company,...Ch. 13 - Inventory Write-Down and Recovery Cub Company, a...Ch. 13 - MutiniedChoice Questions on Income Taxes at...Ch. 13 - Prob. 13.6.2ECh. 13 - Prob. 13.6.3ECh. 13 - MutiniedChoice Questions on Income Taxes at...Ch. 13 - Prob. 13.6.5ECh. 13 - Prob. 13.6.6ECh. 13 - Prob. 13.7ECh. 13 - Prob. 13.8ECh. 13 - Prob. 13.9ECh. 13 - Prob. 13.10ECh. 13 - Prob. 13.11ECh. 13 - Prob. 13.12ECh. 13 - Prob. 13.13PCh. 13 - Prob. 13.14PCh. 13 - Interim Income Statement Chris Inc. has...Ch. 13 - Prob. 13.17PCh. 13 - Prob. 13.20PCh. 13 - Matching Terms Match the items in the left-hand...
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