Which of the following is not one of the suggested approaches to reporting changes in the accounts?     a. current period. b. retrospective. c. prospective. d. selective period.

Q: Which of the following statements regarding accounting change is correct? a. Change in depreciation…

A: Accounting changes means when there is some change in the process and methodologies related to…

Q: A misstatement related to which of the following assertions means the dollar amount of the account…

A: Completeness represents that the financial statement of the company would be required to be…

Q: Which of the following errors will not affect the Trial balance? a. Wrong balancing of an account b.…

A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…

Q: Which of the following best describes the proper presentation of accounts receivable in the…

A: Accounts receivable is a current asset ,it represents the money is receivable by the company from…

Q: How is a correction of an accounting error made?

A: Accounting error:   It is a non-fraudulent discrepancy in the financial documents of an…

Q: How should the following changes be treated, according to PAS 8? I. A change is to be made in the…

A: According to PAS 8 a change   is   to   be   made   in   the   method   of   calculating   the…

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: Which of the following statements is not correct regarding combined statement of financial position…

A: The combined statement of financial position errors and income statement errors effects both the…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to accounting changes and…

A: IFRS stands for International Financial Reporting Standards IFRS consists of various accounting…

Q: Confirmations of accounts receivable provide evidence primarily about which two assertions? Select…

A: Accounts receivables are those account on which business has made credit sales, on account.…

Q: Discuss the accounting implications of the update, insertion, and deletion anomalies associated with…

A: Anomalies: Anomalies are the problems that occur due to the poor planning and from the databases…

Q: Which of the following is not a characteristic of non-counterbalancing error? Group of answer…

A: Non counter balancing errors are those errors which will not be automatically corrected in the next…

Q: Prospective application of recognizing the effect of a change in an accounting estimate means A.…

A: Prospective means expected or expecting thing in the future. Financial statements are the reports of…

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: Vhich of the following statements is incorrect regarding statement of financial osition errors? DIt…

A: Solution Concept Real account                 Real account is a permanent account that is not closed…

Q: A debit balance in which of the following accounts would indicate a likely error? a.Notes Payable…

A: Normally all assets and expense accounts in the business have debit balances. All liabilities,…

Q: Prior period errors: a. Do not include mistake in the application of policy b. Do not affect…

A: Earlier period blunders are oversights from, and misquotes in, the substance's budget summaries for…

Q: Using IFRS, a change in accounting policy for which a standard does not include specific…

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

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: Which of the following is an accurate description of the allowance for doubtful accounts? liability…

A: Allowance for Doubtful Accounts: This is a contra asset account to the Accounts Receivables account…

Q: The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a…

A: Consistency Characteristic: Consistency is a concept that asserts that once you have adopted an…

Q: he collection of customer’s account is credited to accounts payable. What is the effect of the error…

A: Answer) The correct Option is (D) No Effect Justifications: If collection from customer is credited…

Q: vable retention must be included in the calculations for the collection period? True or false. If…

A: Account receivable retention is period for which the amount of time for which money is held by the…

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: examples of changes that affect consistency and

A: According to the consistency principle of accounting, an accounting policy or method should be…

Q: The use of the cumulative effect method to account for a change in accounting principle violates the…

A: Accounting principles are the set of rules which define the way accounts should be prepared and…

Q: Why is retrospective treatment of changes in accounting estimated prohibited? A. Changes in…

A: IFRS:- The full form of IFRS is International Financial Reporting Standards. IFRS is issued by…

Q: Corrections of significant errors of past periods are charged or credited directly to the Retained…

A: Retained earnings comes under the head liabilities in the balance sheet .

Q: With r IFRS egard to the correction of accounting errors, what is the difference between U.S. GAAP…

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

Q: ous period’s financial statements are called?

A: It is common to occur errors in the financial statements, but whenever it is found that errors have…

Q: Which of the following would be considered a change that affects consistency? * Change in accounting…

A: Consistency principles says that method and principles applying in preparing the financial statement…

Q: Would a change from straight line depreciation to double declining balance be a change in accounting…

A: Accounting changes:   When a company requires to sacrifice the consistent accounting methods and…

Q: Which of the following is not a characteristic of non-counterbalancing error? a. If not detected,…

A: The errors which are not automatically corrected in the following accounting period is known as…

Q: When it is difficult to distinguish between a change in accounting estimate and a change in…

A: Accounting Policy:-It is specific principles, rules, practices which get applied in the financial…

Q: The mandatory adoption of a new accounting principle as a result of a new FASB Statement requires…

A: FASB stands financial accounting standards board. It basically aims at improving GAAP (Generally…

Q: If the statement of financial position error is discovered in a subsequent accounting period, what…

A: The error in the financial statement could be cause due to any mathematical mistakes or other…

Q: Which of the following is not classified as an accounting change by IFRS?(a) Change in accounting…

A: International Financial Reporting Standard (IFRS): An international standard for identifying,…

Q: The payment of supplier's account is debited to accounts receivable. What is the effect of the error…

A: Ans. The error while passing journal entries leads to overstated or understate of profits.

Q: How do you make adjustments for a non-counter balancing error and does it affect the present…

A: If the error has not counterpoised then Associate in Nursing entry should be created to maintained…

Q: In comparing the current rate and temporal methods of translation, which of the following is true?…

A: The reported balance of Inventory, equipment and depreciation will differ under both methods.

Q: Which of the following is a limitation of the direct write-off method of accounting for…

A: Direct write-off method:This method does not make allowance or estimation for uncollectible…

Q: ow they are reported. What are the disclosure requirements for correction of errors.  Please see…

A: Accounting Errors : A non-fraudulent inconsistency in financial documents is referred to as an…

Q: Generally accepted methods of accounting for a change in accounting principle include

A: When a change in accounting principle takes place then the concerned company will have to ensure…

Q: why should the allowance for doubtful account and the valuation and qualifying accounts schedule be…

A: