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.
Homework Answers
Change in the inventory valuation method is treated as change in accounting principles. Changes in the accounting principles should have retrospective effect.
using the retrospective approach.
4th option
Add Answer to:
When a company changes from LIFO to another inventory method,
the change is reported
Multiple Choice...
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....
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Acquiring controlling interest in another company represents a(n) Multiple Choice change in accounting estimate. change in accounting principle. correction of error. change in entity.
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...
Classifying Accounting Changes Indicate as appropriate, the nature of each situation described below: Type of Change...
Classifying Accounting Changes Indicate as appropriate, the nature of each situation described below: Type of Change PR Change in Accounting Principle, reported retrospectively PP Change in Accounting Principle, reported prospectively E Change in Estimate ES Change in Estimate resulting from a Change in Accounting Principle R Change in Reporting Entity F Correction of an Error N Not an accounting change ______ Change from Sum of the Years Digits Depreciation method to Straight Line ______ Change in the estimated forfeiture rate...
Help Save & Exit Sub When reporting a change in accounting principle, the usual approach is...
Help Save & Exit Sub When reporting a change in accounting principle, the usual approach is to report the change Multiple Choice 0 As a cumulative effect included in net income of the period of change Prospectively, in the period of change and future periods affected by the change oooo As a cumulative effect included in net income of the period of change and prospective application in future periods. By retrospective application to previously issued financial statements to report the...
OPTIONS Type of Change: Correction of a Prior Period Error, Change in Accounting Estimate, Change in...
OPTIONS
Type of Change: Correction of a Prior Period
Error, Change in Accounting Estimate, Change in Accounting
Policy
Change (or correction) to be Made:
Prospectively, Retrospectively
Please help thanks so much
For each of the following situations, identify whether the change (or correction) should be made prospectively or retrospectively. Change (or correction) to be Made Type of Change (a) When the company purchased a piece of machinery several years ago, the accounting clerk posted the journal entry to “maintenance expense"...
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
september qato 190 Hoool A company that changes from the declining balance method of depreciation for...
september qato 190 Hoool A company that changes from the declining balance method of depreciation for previously recorded assets to the straight line method should report the change as ain a./ change in accounting principle. ( change in accounting estimate prior period adjustment Ud discontinued item 7. The term "comprehensive income" as defined by the FASB a, must be reported on the face of the income statement includes all changes in equity during a period except those resulting from ✓...
B&G Incorporated decided to change from the FIFO method of valuing inventory to the weighted average...
B&G Incorporated decided to change from the FIFO method of
valuing inventory to the weighted average method in July 2017. The
cumulative effect on prior years of retrospective application of
the new inventory costing method was determined to be $15,000 net
of $4,000 tax. As prices are decreasing, cost of sales would be
lower and ending inventory higher for the preceding period.
Retained earnings on January 1, 2017 was $241,000.
Here are the choices:
Statement of Retained Earnings (Partial) For...
Problem 5-1 Reporting a change in accounting principle (LO 5-1) Barden, Inc., operates a retail chain...
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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....
Help Save & Exit Sub When reporting a change in accounting principle, the usual approach is to report the change Multiple Choice 0 As a cumulative effect included in net income of the period of change Prospectively, in the period of change and future periods affected by the change oooo As a cumulative effect included in net income of the period of change and prospective application in future periods. By retrospective application to previously issued financial statements to report the...
OPTIONS
Type of Change: Correction of a Prior Period
Error, Change in Accounting Estimate, Change in Accounting
Policy
Change (or correction) to be Made:
Prospectively, Retrospectively
Please help thanks so much
For each of the following situations, identify whether the change (or correction) should be made prospectively or retrospectively. Change (or correction) to be Made Type of Change (a) When the company purchased a piece of machinery several years ago, the accounting clerk posted the journal entry to “maintenance expense"...
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
september qato 190 Hoool A company that changes from the declining balance method of depreciation for previously recorded assets to the straight line method should report the change as ain a./ change in accounting principle. ( change in accounting estimate prior period adjustment Ud discontinued item 7. The term "comprehensive income" as defined by the FASB a, must be reported on the face of the income statement includes all changes in equity during a period except those resulting from ✓...
B&G Incorporated decided to change from the FIFO method of
valuing inventory to the weighted average method in July 2017. The
cumulative effect on prior years of retrospective application of
the new inventory costing method was determined to be $15,000 net
of $4,000 tax. As prices are decreasing, cost of sales would be
lower and ending inventory higher for the preceding period.
Retained earnings on January 1, 2017 was $241,000.
Here are the choices:
Statement of Retained Earnings (Partial) For...
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