Homework Answers
Answer:- Accounted for in current and future periods
Sometimes the accountants make some estimates or assumptions based on what they currently knew.But sometimes these estimates may became wrong.In those situations the company should account for it in the current and future periods,but not for past periods.
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Changes in accounting estimates are: Multiple Choice Ο Considered accounting errors. Ο Reported as prior period...
Treasury stock is classified as: A. An asset account B. A contra asset account C. A...
Treasury stock is classified as: A. An asset account B. A contra asset account C. A contra equity account D. A liability account Prior period adjustments are reported in the: A. Multiple-step income statement B. Balance sheet C. Statement of retained earnings D. Statement of cash flows Changes in accounting estimates are: A. Considered accounting errors B. Accounted for with a cumulative "catch-up" adjustment C. Extraordinary items D. Accounted for in current and future periods The Discount on Bonds Payable...
How does the accounting treatment for changes in principle, changes in estimates, and errors differ? Within...
How does the accounting treatment for changes in principle, changes in estimates, and errors differ? Within the answer for errors describe prior period adjustments.
Which of the following is true of accounting for changes in accounting estimates O Changes in...
Which of the following is true of accounting for changes in accounting estimates O Changes in estimates are not carried back to prior years. None of the answers are correct. Changes in estimates have no impact on the financial statements. Changes in estimates are considered errors. O A company recognizes a change in estimate by making a retrospective adjustment to the financial statements QUESTION 12 Accounting information is considered to be relevant when it can be depended on to represent...
Hi, Please explain the principle for the below-corrected questions. Thanks S49. A material item which is...
Hi, Please explain the principle for the below-corrected questions. Thanks S49. A material item which is unusual in nature or infrequent in occurrence, but not both should be shown in the income statement Net of Tax Disclosed Separately a. No No b. Yes Yes c. No Yes d. Yes No 51. Which of the following is true about intraperiod tax allocation? a. It arises because certain revenue and expense items appear in the income statement either before or after...
Question One IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors is applied in selecting...
Question One IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors is applied in selecting and applying accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. Required: a) Explain the basis on which the management of an entity must select its accounting policies and (02 marks) b) Distinguish, with an example, between changes in accounting policies and changes in accounting estimates. (03 marks)
Accountants very often are required to make estimates, and very often those estimates prove incorrect. In...
Accountants very often are required to make estimates, and very often those estimates prove incorrect. In what period(s) is the effect of a change in an accounting estimate reported? The correction of a material error discovered in a year subsequent to the year the error was made is considered a prior period adjustment. Briefly describe the accounting treatment for prior period adjustments. Define earnings per share (EPS). For which income statement items do you think EPS must be disclosed? Why?
The statement of cash flows reports: Multiple Choice Ο Assets, liabilities, and equity. Ο Revenues, gains,...
The statement of cash flows reports: Multiple Choice Ο Assets, liabilities, and equity. Ο Revenues, gains, expenses, and losses. Ο Cash inflows and cash outflows for an accounting period. cash intows an Ο Equity, net income, and dividends. Ο Changes in equity.
Intermediate Accounting 2 - Chapter 20: Multiple Choice 1. A pension liability is reported when a....
Intermediate Accounting 2 - Chapter 20: Multiple Choice 1. A pension liability is reported when a. the accumulated benefit obligation is less than the fair value of pension plan assets. b. the projected benefit obligation exceeds the fair value of pension plan assets. c. accumulated other comprehensive income exceeds the fair value of pension plan assets. d. the pension expense reported for the period is greater than the funding amount for the same period. 2. The relationship between the amount...
Answer the questions: True or False PLEASE NEED HELP ASAP 5. The major elements of the...
Answer the questions: True or False PLEASE NEED HELP ASAP 5. The major elements of the income statement are revenues, irregular items, and general expenses. (T/F) 6. The income statement reveals net earnings (net income) of a firm at a point in time. (T/F) 7. The gain or loss on disposal of a segment or component of the business should be reported as an unusual gain or loss. (T/F) 8. When a company discontinues an operation and disposes of the...
When a company changes from LIFO to another inventory method, the change is reported Multiple Choice...
When a company changes from LIFO to another inventory method, the change is reported Multiple Choice as a change in an accounting estimate. prospectively because it is impractical to determine the effects of this change on prior years’ net income. as an error correction. using the retrospective approach.
Which of the following is true of accounting for changes in accounting estimates O Changes in estimates are not carried back to prior years. None of the answers are correct. Changes in estimates have no impact on the financial statements. Changes in estimates are considered errors. O A company recognizes a change in estimate by making a retrospective adjustment to the financial statements QUESTION 12 Accounting information is considered to be relevant when it can be depended on to represent...
Question One IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors is applied in selecting and applying accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. Required: a) Explain the basis on which the management of an entity must select its accounting policies and (02 marks) b) Distinguish, with an example, between changes in accounting policies and changes in accounting estimates. (03 marks)
The statement of cash flows reports: Multiple Choice Ο Assets, liabilities, and equity. Ο Revenues, gains, expenses, and losses. Ο Cash inflows and cash outflows for an accounting period. cash intows an Ο Equity, net income, and dividends. Ο Changes in equity.
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