Accounting changes: Accounting changes are the alterations made to the accounting methods, accounting estimates, accounting principles (or) the reporting entity. To classify : Categories of accounting changes.

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Answer 1

Question

Chapter 20, Problem 20.1Q

To determine

Accounting changes:

Accounting changes are the alterations made to the accounting methods, accounting estimates, accounting principles (or) the reporting entity.

To classify: Categories of accounting changes.

Expert Solution & Answer

Explanation of Solution

Accounting changes are categorized into following types:

1. Change in principle: It refers to adaptation of one acceptable accounting method to another.
2. Change in estimate: It refers to a change where the new information influences the companies to update the previously made estimates.
3. Change in reporting entity: It refers to a change when two (or) more entities comprise together into a single entity for reporting purposes.

Thus, above are the accounting changes.

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Watko Entertainment Systems (WES) buys audio and video components for assembling home entertainment systems from two suppliers, Bacon Electronics and Hessel Audio and Video. The components are delivered in cartons. If the cartons are delivered late, the installation for the customer is delayed. Delayed installations lead to contractual penalties that call for WES to reimburse a portion of the purchase price to the customer. During the past quarter, the purchasing and delivery data for the two suppliers showed the following: Bacon Hessel Total Total purchases (cartons) 5,000 3,000 8,000 Average purchase price (per carton) $ 168 $ 184 $ 174 Number of deliveries 40 20 60 Percentage of cartons delivered late. 30% 15% 25% The Accounting Department recorded $241,800 as the cost of late deliveries to customers. Required: Assume that the average quality, measured by the percentage of late deliveries, and prices from the two companies will continue as in the past. Also…

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Answer 2

Question

Chapter 20, Problem 20.1Q

To determine

Accounting changes:

Accounting changes are the alterations made to the accounting methods, accounting estimates, accounting principles (or) the reporting entity.

To classify: Categories of accounting changes.

Expert Solution & Answer

Explanation of Solution

Accounting changes are categorized into following types:

1. Change in principle: It refers to adaptation of one acceptable accounting method to another.
2. Change in estimate: It refers to a change where the new information influences the companies to update the previously made estimates.
3. Change in reporting entity: It refers to a change when two (or) more entities comprise together into a single entity for reporting purposes.

Thus, above are the accounting changes.

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Answer 3

Question

Chapter 20, Problem 20.1Q

To determine

Accounting changes:

Accounting changes are the alterations made to the accounting methods, accounting estimates, accounting principles (or) the reporting entity.

To classify: Categories of accounting changes.

Expert Solution & Answer

Explanation of Solution

Accounting changes are categorized into following types:

1. Change in principle: It refers to adaptation of one acceptable accounting method to another.
2. Change in estimate: It refers to a change where the new information influences the companies to update the previously made estimates.
3. Change in reporting entity: It refers to a change when two (or) more entities comprise together into a single entity for reporting purposes.

Thus, above are the accounting changes.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 20, Problem 20.1Q

To determine

Accounting changes:

Accounting changes are the alterations made to the accounting methods, accounting estimates, accounting principles (or) the reporting entity.

To classify: Categories of accounting changes.

Expert Solution & Answer

Explanation of Solution

Accounting changes are categorized into following types:

1. Change in principle: It refers to adaptation of one acceptable accounting method to another.
2. Change in estimate: It refers to a change where the new information influences the companies to update the previously made estimates.
3. Change in reporting entity: It refers to a change when two (or) more entities comprise together into a single entity for reporting purposes.

Thus, above are the accounting changes.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 20, Problem 20.1Q

To determine

Accounting changes:

Accounting changes are the alterations made to the accounting methods, accounting estimates, accounting principles (or) the reporting entity.

To classify: Categories of accounting changes.

Expert Solution & Answer

Explanation of Solution

Accounting changes are categorized into following types:

1. Change in principle: It refers to adaptation of one acceptable accounting method to another.
2. Change in estimate: It refers to a change where the new information influences the companies to update the previously made estimates.
3. Change in reporting entity: It refers to a change when two (or) more entities comprise together into a single entity for reporting purposes.

Thus, above are the accounting changes.

Answer 6

Chapter 20, Problem 20.1Q

To determine

Accounting changes:

Accounting changes are the alterations made to the accounting methods, accounting estimates, accounting principles (or) the reporting entity.

To classify: Categories of accounting changes.

Expert Solution & Answer

Explanation of Solution

Accounting changes are categorized into following types:

1. Change in principle: It refers to adaptation of one acceptable accounting method to another.
2. Change in estimate: It refers to a change where the new information influences the companies to update the previously made estimates.
3. Change in reporting entity: It refers to a change when two (or) more entities comprise together into a single entity for reporting purposes.

Thus, above are the accounting changes.

Answer 7

Chapter 20, Problem 20.1Q

To determine

Accounting changes:

Accounting changes are the alterations made to the accounting methods, accounting estimates, accounting principles (or) the reporting entity.

To classify: Categories of accounting changes.

Answer 8

Expert Solution & Answer

Explanation of Solution

Accounting changes are categorized into following types:

1. Change in principle: It refers to adaptation of one acceptable accounting method to another.
2. Change in estimate: It refers to a change where the new information influences the companies to update the previously made estimates.
3. Change in reporting entity: It refers to a change when two (or) more entities comprise together into a single entity for reporting purposes.

Thus, above are the accounting changes.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

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Accounting changes: Accounting changes are the alterations made to the accounting methods, accounting estimates, accounting principles (or) the reporting entity. To classify : Categories of accounting changes.

Accounting changes: Accounting changes are the alterations made to the accounting methods, accounting estimates, accounting principles (or) the reporting entity. To classify: Categories of accounting changes.

Explanation of Solution

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Chapter 20 Solutions

Accounting changes:

Accounting changes are the alterations made to the accounting methods, accounting estimates, accounting principles (or) the reporting entity.

To classify: Categories of accounting changes.