Homework Answers
A change in the estimated useful life of plant assets is the change in estimate not change in accounting principle.
So answer is a) A change in the estimated useful life of plant assets
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One multiple choice question
Which of the following is not accounted for as a change in...
Adoption of ASC Topic 842 related to leases represents a Multiple Choice cre -0. voluntary change...
Adoption of ASC Topic 842 related to leases represents a Multiple Choice cre -0. voluntary change in accounting principle. mandatory change in accounting estimate. O cre 1-0 voluntary change in accounting estimate. mandatory change in accounting principle. cre 3-0 Which of the following accounting principle changes typically is reported prospectively? Multiple Choice Adopting ASC topic 606 on revenue recognition on the standard's effective date. Changing inventory method from LIFO to FIFO. О O Changing inventory method from FIFO to LIFO....
Which of the following would be accounted for as a change in accounting principle? a. Adopting...
Which of the following would be accounted for as a change in accounting principle? a. Adopting a new accounting standard b. Changing the useful life of a piece of equipment from 8 years to 20 years c. First-time presentation of consolidated financial statements d. Changing an estimate for the allowance for doubtful accounts
Question 19 (2 points) A change in the method of inventory pricing from FIFO to LIFO...
Question 19 (2 points) A change in the method of inventory pricing from FIFO to LIFO would be accounted for as a (an): a) change in estimate b) accounting error c) part of discontinued operations d) change in accounting principle
11) Which of the following changes would NOT be accounted fo 1) - approach? 3 changes...
11) Which of the following changes would NOT be accounted fo 1) - approach? 3 changes would NOT be accounted for using the prospective nge in inventory costing from the LIFO method to the FIFO method. B) A change in depreciation methods from double-declining balance to straight-line. C) A change in a contingent liability related to litigation due to settlement of the claim. D) A change in the calculation of bad debt allowance due to new information about collectibility of...
11) Which of the following changes would NOT be accounted fo 1) - approach? 3 changes...
11) Which of the following changes would NOT be accounted fo 1) - approach? 3 changes would NOT be accounted for using the prospective nge in inventory costing from the LIFO method to the FIFO method. B) A change in depreciation methods from double-declining balance to straight-line. C) A change in a contingent liability related to litigation due to settlement of the claim. D) A change in the calculation of bad debt allowance due to new information about collectibility of...
Which method of process costing is almost always used in practice? Multiple Choice a) Weighted average...
Which method of process costing is almost always used in practice? Multiple Choice a) Weighted average method b) LIFO method c) Straight-line method d) Accelerated method e) None of these answers is correct.
Each of the following situations occurred during 2016 for one of your audit clients, The Stride...
Each of the following situations occurred during 2016 for one of your audit clients, The Stride Well Company: -The write-off of inventory due to obsolescence. -Discovery that depreciation expenses were omitted by accident from 2015’s income statement. -The useful lives of all machinery were changed from 8 to 5 years. -The depreciation method used for all equipment was changed from the declining balance to the straight-line method. -Restructuring costs were incurred. -The Stride Well Company, a manufacturer of shoes, sold...
PK Precision Tools changed from accelerated depreciation to straight-line depreciation for some equipment it purchased eight...
PK Precision Tools changed from accelerated depreciation to straight-line depreciation for some equipment it purchased eight years ago. Management decided to account for the change as a change in accounting principle. Which of the following is an accurate statement regarding the company’s policy? Multiple Choice A) This approach is conceptually correct and consistent with changes in inventory costing and other method changes. B) The policy is inappropriate because companies cannot change depreciation methods for existing assets, only for assets placed...
Which of the following statements is false? Multiple Choice In general, research & development costs should be expe...
Which of the following statements is false? Multiple Choice In general, research & development costs should be expensed as incurred until the point in time that commercial production will start. When expenditures are made after a capital asset has been acquired and put into use, those costs should be capitalized if the asset useful life is extended Companies may opt to value their financial liabilities such as bonds payable at their current fair value on the balance sheet. None of...
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...
Adoption of ASC Topic 842 related to leases represents a Multiple Choice cre -0. voluntary change in accounting principle. mandatory change in accounting estimate. O cre 1-0 voluntary change in accounting estimate. mandatory change in accounting principle. cre 3-0 Which of the following accounting principle changes typically is reported prospectively? Multiple Choice Adopting ASC topic 606 on revenue recognition on the standard's effective date. Changing inventory method from LIFO to FIFO. О O Changing inventory method from FIFO to LIFO....
Question 19 (2 points) A change in the method of inventory pricing from FIFO to LIFO would be accounted for as a (an): a) change in estimate b) accounting error c) part of discontinued operations d) change in accounting principle
11) Which of the following changes would NOT be accounted fo 1) - approach? 3 changes would NOT be accounted for using the prospective nge in inventory costing from the LIFO method to the FIFO method. B) A change in depreciation methods from double-declining balance to straight-line. C) A change in a contingent liability related to litigation due to settlement of the claim. D) A change in the calculation of bad debt allowance due to new information about collectibility of...
11) Which of the following changes would NOT be accounted fo 1) - approach? 3 changes would NOT be accounted for using the prospective nge in inventory costing from the LIFO method to the FIFO method. B) A change in depreciation methods from double-declining balance to straight-line. C) A change in a contingent liability related to litigation due to settlement of the claim. D) A change in the calculation of bad debt allowance due to new information about collectibility of...
Which of the following statements is false? Multiple Choice In general, research & development costs should be expensed as incurred until the point in time that commercial production will start. When expenditures are made after a capital asset has been acquired and put into use, those costs should be capitalized if the asset useful life is extended Companies may opt to value their financial liabilities such as bonds payable at their current fair value on the balance sheet. None of...
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...
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