Homework Answers
1. The correct answer is changes in estimates are not carried back to prior years.
Explanation:Change in accounting estimates , does not make any changes in past transactions , new information resulted from changes in accounting estimates would be applied for future transactions.
12. The correct answer is capable of making a difference in decision
The relevant information means , such information which can changes the decision of decision makers of users of financial statements.
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Which of the following is true of accounting for changes in accounting estimates O Changes in...
Changes in accounting estimates are: Multiple Choice Ο Considered accounting errors. Ο Reported as prior period...
Changes in accounting estimates are: Multiple Choice Ο Considered accounting errors. Ο Reported as prior period adjustments. Ο Accounted for with a cumulative "catch-up" adjustment. Ο Extraordinary items. Ο Accounted for in current and future periods.
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.
Which statement is correct? Accounting errors are corrected prospectively in the financial statements. Accounting policy changes...
Which statement is correct? Accounting errors are corrected prospectively in the financial statements. Accounting policy changes should reflect changes in economic circumstances. Correction of accounting errors proves that management bias exists in reporting. Changes in accounting estimates are corrected retrospectively in the statements.
Which of the following statements is not true? Relevant accounting information must be capable of making...
Which of the following statements is not true? Relevant accounting information must be capable of making a difference in a user's decision. For accounting information to be relevant, it must have timeliness. Faithful representation means information must be neutral, complete, and free from error. Comparability means using different accounting principles from year to year within a company.
Hi, I had the corrected answers; however, I did not understand their principle. Please help to...
Hi, I had the corrected answers; however, I did not understand their principle. Please help to explain. Thanks 35. The occurrence which most likely would have no effect on 2014 net income (assuming that all amounts involved are material) is the a. sale in 2014 of an office building contributed by a stockholder in 1983. b. collection in 2014 of a receivable from a customer whose account was written off in 2013 by a charge to the allowance account. c. ...
First, in developing an accounting standard, the accounting standard setters must select the ‘most appropriate’ policy...
First, in developing an accounting standard, the accounting standard setters must select the ‘most appropriate’ policy from a range of alternatives for inclusion in accounting standards. The choice that they make is critical because it virtually determines accounting practice. Second, if there is no accounting standard, or if the standard either implicitly or explicitly allows a choice, the preparers of financial statements must select the most appropriate accounting policy for use in the preparation of financial statements to become creative...
Q 1.1: Which of the following statements about accounting information is TRUE? A Accounting information is...
Q 1.1: Which of the following statements about accounting information is TRUE? A Accounting information is useful to external users such as the directors of a company. B Accounting information is useful to internal users such as labour unions. Accounting communicates detailed financial information to the competition. D Accounting communicates financial information about a business to both internal and external users. Mert for Review Confidence 9 1: SUBMIT © DOLL Q 1.1: Which of the following statements about accounting information...
Which one of the following statement(s) are true? A. Financial accounting is geared toward outside users...
Which one of the following statement(s) are true? A. Financial accounting is geared toward outside users of information who are concerned w planning, control and how daily business decisions are made by the company. B. Management accounting is geared toward internal users who are responsible for making daily business decisions while financial accounting is geared toward outside users and must conform to Generally Accepted Accounting Principles (GAAP) rules when preparing general purpose financial statements such as the balance sheet and...
Which of the following is true of validation? O a. It estimates the real system. O...
Which of the following is true of validation? O a. It estimates the real system. O b. It is largely a debugging task to make sure that no errors are in the computer procedure that implements the simulation. c. The process of determining that a simulation model provides an accurate representation of a real system. d. The process of determining that a computer program implements a simulation model as it is intended.
Which of the following statements is true of managerialaccounting? a.Managerial accounting is the provision of...
Which of the following statements is true of managerial accounting? a.Managerial accounting is the provision of accounting information for a company's external users. b.Managerial accounting attempts to provide information for controlling the organization's actions. c.Managerial accounting provides historical information. d.Managerial accounting is subject to rules for external financial reporting.
Changes in accounting estimates are: Multiple Choice Ο Considered accounting errors. Ο Reported as prior period adjustments. Ο Accounted for with a cumulative "catch-up" adjustment. Ο Extraordinary items. Ο Accounted for in current and future periods.
Which statement is correct? Accounting errors are corrected prospectively in the financial statements. Accounting policy changes should reflect changes in economic circumstances. Correction of accounting errors proves that management bias exists in reporting. Changes in accounting estimates are corrected retrospectively in the statements.
Which of the following statements is not true? Relevant accounting information must be capable of making a difference in a user's decision. For accounting information to be relevant, it must have timeliness. Faithful representation means information must be neutral, complete, and free from error. Comparability means using different accounting principles from year to year within a company.
Q 1.1: Which of the following statements about accounting information is TRUE? A Accounting information is useful to external users such as the directors of a company. B Accounting information is useful to internal users such as labour unions. Accounting communicates detailed financial information to the competition. D Accounting communicates financial information about a business to both internal and external users. Mert for Review Confidence 9 1: SUBMIT © DOLL Q 1.1: Which of the following statements about accounting information...
Which of the following is true of validation? O a. It estimates the real system. O b. It is largely a debugging task to make sure that no errors are in the computer procedure that implements the simulation. c. The process of determining that a simulation model provides an accurate representation of a real system. d. The process of determining that a computer program implements a simulation model as it is intended.
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