Accounting changes: Accounting changes are the differences in accounting principles, accounting estimates or the reporting entity. To describe: The period(s) in which the effect of changes in accounting estimate reported.

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Chapter 4, Problem 4.10Q

To determine

Accounting changes:

Accounting changes are the differences in accounting principles, accounting estimates or the reporting entity.

To describe: The period(s) in which the effect of changes in accounting estimate reported.

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The industrial enterprise "HUANG S.A." purchased a sorting and packaging machine from a foreign company on 1/4/2017 at a cost of €500,000. The useful life of the machine was estimated by the Management at ten (10) years, while the residual value was estimated at zero. For the transportation of the machine from abroad to the company's factory, the amount of €20,000 was paid on 15/4/2017. As the insurance coverage of the machine during transportation was the responsibility of the selling company, HUANG S.A. proceeded to insure the machine from 16/4/2017 to 15/4/2018, paying the amount of €1,200. The delivery took place on 15/4/2017. As adequate ventilation of the multifunction device is essential for its proper operation, the company fitted an air duct on the multifunction device. The cost of the air duct amounted to €2,000 and was paid on 20/4/2017. On 25/4/2017, an external electrician was paid €5,000 for the electrical connection of the device. The company also paid €5,000 to an…

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Answer 2

Question

Chapter 4, Problem 4.10Q

To determine

Accounting changes:

Accounting changes are the differences in accounting principles, accounting estimates or the reporting entity.

To describe: The period(s) in which the effect of changes in accounting estimate reported.

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Answer 3

Question

Chapter 4, Problem 4.10Q

To determine

Accounting changes:

Accounting changes are the differences in accounting principles, accounting estimates or the reporting entity.

To describe: The period(s) in which the effect of changes in accounting estimate reported.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 4.10Q

To determine

Accounting changes:

Accounting changes are the differences in accounting principles, accounting estimates or the reporting entity.

To describe: The period(s) in which the effect of changes in accounting estimate reported.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.10Q

To determine

Accounting changes:

Accounting changes are the differences in accounting principles, accounting estimates or the reporting entity.

To describe: The period(s) in which the effect of changes in accounting estimate reported.

Answer 6

Chapter 4, Problem 4.10Q

To determine

Accounting changes:

Accounting changes are the differences in accounting principles, accounting estimates or the reporting entity.

To describe: The period(s) in which the effect of changes in accounting estimate reported.

Answer 7

Chapter 4, Problem 4.10Q

To determine

Accounting changes:

Accounting changes are the differences in accounting principles, accounting estimates or the reporting entity.

To describe: The period(s) in which the effect of changes in accounting estimate reported.

Answer 8

Expert Solution & Answer

Answer 9

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Answer 10

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Answer 11

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Accounting changes: Accounting changes are the differences in accounting principles, accounting estimates or the reporting entity. To describe: The period(s) in which the effect of changes in accounting estimate reported.

Solution Summary: The author explains accounting changes are the differences in accounting principles, accounting estimates or the reporting entity. Estimates are predictable amounts based on anticipation of certain or uncertain future events.

Accounting changes:

Accounting changes are the differences in accounting principles, accounting estimates or the reporting entity.

To describe: The period(s) in which the effect of changes in accounting estimate reported.

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Chapter 4 Solutions