Question 2 Which of the following is a noncounterbalancing error? Recording interest expense as a decrease...
Question 2
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Which of the following is a noncounterbalancing error?
Recording interest expense as a decrease to notes payable.
Recording a full year of straight line depreciation when PPE was purchased in August.
Recording ending inventory higher than it should be.
Recording revenue before the work is completed.
Question 3
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What is the retrospective approach for adjusting for changes in accounting principle?
Making the changes to the current and future years because of missing information.
Making the changes to the current and past year for comparison purposes.
Making the changes to the current and all prior years since the old principle was chosen.
Making the changes to the current and other years shown on the financial statements.
Homework Answers
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Question 2
Which of the following is a noncounterbalancing error?
Recording interest expense as a decrease...
What is the retrospective approach for adjusting for changes in accounting principle? 1.Making the changes to...
What is the retrospective approach for adjusting for changes in accounting principle? 1.Making the changes to the current and future years because of missing information. 2.Making the changes to the current and past year for comparison purposes. 3.Making the changes to the current and all prior years since the old principle was chosen. 4.Making the changes to the current and other years shown on the financial statements.
QUESTION 1 Which of the following is a noncounterbalancing error? Recording interest expense as a decrease...
QUESTION 1 Which of the following is a noncounterbalancing error? Recording interest expense as a decrease to notes payable. Recording a full year of straight line depreciation when PPE was purchased in August. Recording ending inventory higher than it should be. Recording revenue before the work is completed.
help with both of these problems please E6-7 E6-12 -L06-2 Recording Bad Debt Expense Estimates and...
help with both of these problems please
E6-7
E6-12
-L06-2 Recording Bad Debt Expense Estimates and Write-offs Using the Percentage of Credit Sales Method During the current year. Adams Assembly, Inc., recorded credit sales of $1,300,000. Based on prior experience, it estimates a l percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: a. On September 29 of the current year, an account receivable for $4,000 from March of the current year was determined to...
Which of the following is a true statement? Multiple Choice Expenses increase owners’ equity and decrease...
Which of the following is a true statement? Multiple Choice Expenses increase owners’ equity and decrease liabilities. Revenue decreases owners’ equity and expenses increase owners’ equity. Revenue increases owners’ equity and expenses decrease owners’ equity. Revenue decreases owners’ equity and increases liabilities. Which of the following statements is not true regarding the adoption of ASC Topic 606 guidance for revenue recognition? Multiple Choice When using the cumulative approach, the prior three years of financial statements need to be restated. Under...
Analyze each case and choose a letter code under each category (type and approach) to indicate the preferable accounting for each case.
jAnalyze each case and choose a letter code under each category (type and approach) to indicate the preferable accounting for each case.TypeApproachP = PolicyRWR = Retrospective with restatementE = EstimateRNR = Retrospective with no restatementAE = Accounting error P = ProspectiveUsed the instalment sales method in the past five years; an internal audit revealed that use of this method was intended to delay revenue recognition, even though the customers were ...
In the blank to the left of each question, fill in the letter from the following...
In the blank to the left of each question, fill in the letter from the following list who the presentation of the item on the financial statements of Helton Corporation to er from the following list which best describes a. Change in estimate b. Prior period adjustment (not due to change in principle) C. Retrospective type accounting change with note disclosure d. None of these choices 1. the in 2018, the company changed its method of recognizing income from completed-contract...
Splish Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants "to...
Splish Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants "to get everything straightened out" Consequently, she has proposed the following accounting changes in connection with Splish Inc's 2020 financial statements. Your answer is partially correct. For each of the changes described above, decide whether: (1) The change involves an accounting principle, accounting estimate, or correction of an error. (2) Restatement of opening retained earnings is required. (1) (2) 1. At December 31, 2019, the...
I want you to answer question 2-19 with explanations Chapter 2 Analyzing and Recording Transactions use...
I want you to answer question 2-19 with explanations
Chapter 2 Analyzing and Recording Transactions use the information in Exercise 2-16 to prepare an August statement of owner's equity for Help Today ind owners capital account balance at August I was $0, and the owner invested $102,000 cash in the company on August 2 Exercise 2-17 Preparing a statement owner's equity P3 Use the information in Exercise 2-16 to prepare an August 31 balance sheet for Help Today. Hint: Compute...
Question 1 - 5 Multiple Choice - Write your answer on the Response line 1. If...
Question 1 - 5 Multiple Choice - Write your answer on the Response line 1. If accounting information has predictive value, it will help users (a) prepare for future Canada Revenue Agency audits. (b) make predictions about future events. (c) make predictions about foreign currency exchange rates. (d) confirm or correct previous predictions or expectations. Response 2. The measurement principle that says assets are reported at its past purchase price (a) current value. (b) historical cost. (c) materiality. (d) going...
22) Plant assets are defined as: A) Held for sale. B) Tangible assets used in the...
22) Plant assets are defined as: A) Held for sale. B) Tangible assets used in the operation of business that have a useful life of less than one accounting period. C) Current assets. D) Tangible assets that have a useful life of more than one accounting period and are used in the operation of a business. E) Intangible assets used in the operations of a business that have a useful life of more than one accounting period. 23) Salvage value...
help with both of these problems please
E6-7
E6-12
-L06-2 Recording Bad Debt Expense Estimates and Write-offs Using the Percentage of Credit Sales Method During the current year. Adams Assembly, Inc., recorded credit sales of $1,300,000. Based on prior experience, it estimates a l percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: a. On September 29 of the current year, an account receivable for $4,000 from March of the current year was determined to...
In the blank to the left of each question, fill in the letter from the following list who the presentation of the item on the financial statements of Helton Corporation to er from the following list which best describes a. Change in estimate b. Prior period adjustment (not due to change in principle) C. Retrospective type accounting change with note disclosure d. None of these choices 1. the in 2018, the company changed its method of recognizing income from completed-contract...
Splish Inc. has recently hired a new independent auditor, Karen Ogleby, who says she wants "to get everything straightened out" Consequently, she has proposed the following accounting changes in connection with Splish Inc's 2020 financial statements. Your answer is partially correct. For each of the changes described above, decide whether: (1) The change involves an accounting principle, accounting estimate, or correction of an error. (2) Restatement of opening retained earnings is required. (1) (2) 1. At December 31, 2019, the...
I want you to answer question 2-19 with explanations
Chapter 2 Analyzing and Recording Transactions use the information in Exercise 2-16 to prepare an August statement of owner's equity for Help Today ind owners capital account balance at August I was $0, and the owner invested $102,000 cash in the company on August 2 Exercise 2-17 Preparing a statement owner's equity P3 Use the information in Exercise 2-16 to prepare an August 31 balance sheet for Help Today. Hint: Compute...
Question 1 - 5 Multiple Choice - Write your answer on the Response line 1. If accounting information has predictive value, it will help users (a) prepare for future Canada Revenue Agency audits. (b) make predictions about future events. (c) make predictions about foreign currency exchange rates. (d) confirm or correct previous predictions or expectations. Response 2. The measurement principle that says assets are reported at its past purchase price (a) current value. (b) historical cost. (c) materiality. (d) going...
22) Plant assets are defined as: A) Held for sale. B) Tangible assets used in the operation of business that have a useful life of less than one accounting period. C) Current assets. D) Tangible assets that have a useful life of more than one accounting period and are used in the operation of a business. E) Intangible assets used in the operations of a business that have a useful life of more than one accounting period. 23) Salvage value...
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