a. List several examples of changes in accounting principle that a company may make. b. Explain briefly

Question:

a. List several examples of changes in accounting principle that a company may make.
b. Explain briefly the proper accounting treatment for recognizing currently a change in accounting principle.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

See More Books

Question Posted: Jan 29, 2012 12:05 AM

See More Questions

List several examples of factory overhead.
List several examples of contractual and equity-based alliances.
We report most changes in accounting principle retrospectively. Describe this general way of recording and reporting changes in accounting principle.
On August 31, 2018, Rijo Equipment Repair Corp.'s opening trial balance was as follows. The company prepares adjusting entries monthly. During September, the following transactions were completed:...
According to the article "Modeling and Predicting the Effects of Submerged Arc Weldment Process Parameters on Weldment Characteristics and Shape Profiles" (J. of Engr. Manuf., 2012: 1230-1240), the...
Wal-Mart Stores Inc., long known for squeezing its suppliers on prices, is now pressuring companies including Unilever and Colgate-Palmolive Co. to help the world's biggest retailer remove a billion...
If 5 points are added to every score in a population with a mean of m 5 45 and a standard deviation of s 5 6, what are the new values for m and s? a. m 5 45 and s 5 6 b. m 5 45 and s 5 11 c. m 5 50...
The ledger of Armour Lake Lumber Supply on July 31, 2019, includes the selected accounts below before adjusting entries have been prepared. An analysis of the company's accounts shows the following....
ces es & rces A stock had annual returns of 45%, -60%, 78%, 30%, and -77% over a five-year period. If you invested $100,000 in this stock at the beginning of the five-year period, how much was your...
Companies that manufacture products that conform to a unique specifcation for each order need help in estimating their own costs. Because each order is unique, it can be hard to know for sure just...
What is the proper way to account for a change in depreciation method?
Why does a change in accounting principle require justification?
Thespa plc manufactures two products: matons and cratons. The company has the following cost pools and has established that the cost drivers within each cost pool are as shown. During November 2014...
9. For diatomic molecules, the correct statement(s) about the molecular orbitals formed by the overlap of two 2pz orbitals is (are) (A) orbital has a total of two nodal planes. (B) * orbital has one...
12. The treatment of galena with HNO3 produces a gas that is (A) paramagnetic (C) an acidic oxide (B) bent in geometry (D) colorless
Determine the position of the centre of gravity (c.g.) and 2nd moment of inertia with respect to c.g. of the section shown below, where A = mm and B = 5 mm. a) x B A y B Calculate the x = mm with...
7. Consider the design of a burglar alarm for a house. When activated an alarm and lights will be activated to encourage the unwanted guest to leave. This alarm be activated if an unauthorized...
A uniform flat plate of metal is situated in the reference frame shown in the figure below.
You are one of three partners who own and operate Mary's Maid Service. The company has been operating for seven years. One of the other partners has always prepared the company's annual financial...
Given that all the choices are true, which one concludes the paragraph with a precise and detailed description that relates to the main topic of the essay? A. NO CHANGE B. Decades, X-ray C. Decades...
If demand and supply both increase, but demand increases more than supply increases, then what happens to the equilibrium price and quantity?
In the extractive industries, businesses may pay dividends in excess of net income. What is the maximum permissible? How can this practice be justified?
The following statement appeared in a financial magazine: RRAor Rah-Rah, as its sometimes dubbedhas kicked up quite a storm. Oil companies, for example, are convinced that the approach is misleading....
The following statement appeared in a financial magazine: RRAor Rah-Rah, as its sometimes dubbedhas kicked up quite a storm. Oil companies, for example, are convinced that the approach is misleading....
The Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: Total Dirt Bikes Mountain Bikes...
?? A local college is deciding whether to conduct a campus beautification initiative that would imvolve various projects, such as planting trees and remodeling bulidings, to make the campus more...
A company has net income of $196,000, a profit margin of 9.7 percent, and an accounts receivable balance of $135,370. Assuming 70 percent of sales are on credit, what is the companys days sales in...

a. List several examples of changes in accounting principle that a company may make. b. Explain briefly

Question:

Step by Step Answer:

a Examples of changes in accounting principle that a company may make are as follows 1 A change ...View the full answer

Intermediate Accounting

Students also viewed these Accounting questions