A change from the straight-line method of depreciation to sum-of-years' digits is accounted for as a. change in accounting estimate b. prior period error c. accounting error d. change in accounting policy
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A change from the straight-line method of
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- An example of a correction of an error is a change: a. From FIFO inventory valuation to the average method b. In the service life of property, plant and equipment c. From cash basis to accrual basis of accounting d. In the tax assessment related to a prior periodWhich of the following would appear as a prior period adjustment? Group of answer choices a correction in the calculation of earnings per share of a prior period a material difference between the actual and estimated uncollectible accounts receivable a material loss resulting from the sale of fixed assets which were acquired in a prior period material error in the computation of depreciation expense in the Year 1 that was discovered and corrected in the Year 3What is the effect of omission of accrued income in assets at the end of the year of error? a. Understated b. Overstated c. Cannot be determined from the given information d. NO effect
- What is the effect of omission of accrued income in assets at the end of the year of error? O NO effect O Overstated O Understated O Cannot be determined from the given informationWhat is the effect of omission of accrued expenses in assets at the end of the year of error? Group of answer choices a. No effect b. Cannot be determined from the given information c. Overstated d. UnderstatedWhat is the effect of omission of accrued expenses in assets at the end of the year of error? a. Understated b. No effect c. Overstated d. Cannot be determined from the given information
- Generally accepted methods of accounting for a change in accounting principle include O ncluding the cumulative effect of the change in current period net income. restating prior years' financial statements presented for comparative purposes. O making a prior period adjustment. O prospective changes.Which of the following statements regarding accounting change is correct? a. Change in depreciation method is accounted for as a change in accounting policy. b. Change in accounting estimate is accounted for in current and future periods. c. The categories of accounting changes are change in accounting estimate and correction of prior period error. d. A switch from the direct write-off method to the allowance method of accounting for bad debts is an example of change in accounting policy.Question. A company made an error in calculating and reporting amortization expense in Year 1. The error was discovered in Year 2. The item should be reported as a prior period adjustment: a. on the Year 2 statement of retained earnings. b. on the Year 1 statement of retained earnings. c. accounted for with a cumulative "catch-up" adjustment in Year 2. d. on the Year 2 income statement. e. on the Year 1 income statement.
- Generally accepted methods of accounting for a change in accounting principle include restating prior years' financial statements presented for comparative purposes. making a prior period adjustment. prospective changes. including the cumulative effect of the change in current period net income.Which of the following is accounted for as a change in accounting policy? A. A change in the estimated useful life of property, plant and equipmentB. A change from cash basis to accrual basis of accountingC. A change from expensing immaterial expenditures to deferring and amortizing them when material.D. A change in inventory valuation from FIFO to average methodWhat is the effect of omission of prepaid expense in net income during the year of error? a. Overstated b. Cannot be determined based on the given information c. Understated d. No Effect
