Homework Answers
1. The Correct answer is mandatory change in accounting principles.
Explanation:
New lease standards published by Financial accounting standard board ASC 842, which requies some significant changes under Us GAAP , in the treatment of accounting for leases.
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Adoption of ASC Topic 842 related to leases represents a Multiple Choice cre -0. voluntary change...
2. Adoption of ASC Topic 842 related to leases represents a Multiple Choice mandatory change in...
2. Adoption of ASC Topic 842 related to leases represents a Multiple Choice mandatory change in accounting principle. voluntary change in accounting principle. mandatory change in accounting estimate. voluntary change in accounting estimate.
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.
One multiple choice question Which of the following is not accounted for as a change in...
One multiple choice question
Which of the following is not accounted for as a change in accounting principle? Select one: a. A change in the estimated useful life of plant assets. b. A change from accelerated method to straight line method of depreciation. O c. A change from deferring and amortizing R&D expenditures to expensing those as incurred. d. A change in inventory cost-flow assumption from average cost to FIFO. e. a and b f. a, b, and c
One multiple choice question
Which of the following is not accounted for as a change in accounting principle? Select one: a. A change in the estimated useful life of plant assets. b. A change from accelerated method to straight line method of depreciation. O c. A change from deferring and amortizing R&D expenditures to expensing those as incurred. d. A change in inventory cost-flow assumption from average cost to FIFO. e. a and b f. a, b, and c
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