What causes a firm to record a change in accounting principle? (a) Voluntary changes in accounting principles

Question:

What causes a firm to record a change in accounting principle?

(a) Voluntary changes in accounting principles and changes mandated by the FASB or the SEC when new rules are implemented.

(b) Selling a segment of the business.

(c) Unusual and infrequent events.

(d) All of the above.

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

Step by Step Answer:

Related Book For book-img-for-question

Understanding Financial Statements

ISBN: 9780131878563

8th Edition

Authors: Lyn M Fraser, Aileen Ormiston

See More Books

Question Posted: Oct 04, 2024 10:00 AM

See More Questions

Roberto finishes a triathlon (750-meter swim, 5-kilometer run, and 20-kilometer bicycle) in 63.2 minutes. Among all men in the race, the mean finishing time was 69.4 minutes with a standard deviation...
For the two tests of Problem 12.6, determine the angle of internal friction of the sand at (a) Peak compressive strength (b) At ultimate compressive strength (c) At 5.5% axial strain.
Consider the equilibrium stage shown in. Conduct a degrees-of-freedom analysis by performing the following steps:(a) List and count the variables.(b) Write and count the equations relating the...
What causes a firm to record a change in accounting principle? (a) Voluntary changes in accounting principles and changes mandated by the FASB or the SEC when new rules are implemented. (b) Selling a...
Sidman Products common stock currently sells for $60.00 a share. The firm is expected to earn $5.40 per share this year and to pay a year-end dividend of $3.60, and it finances only with common...
How much would an investor expect to pay for a $1,000 par value bond with a 12% annual coupon that matures in 5 years if the interest rate is 15%?
Why should the effective tax rate be evaluated when assessing earnings? (a) It is important to understand if earnings have increased due to tax techniques as opposed to positive changes in core...
What accounts can be found on a statement of stockholders' equity? (a) Investments in other companies. (b) Treasury stock, accumulated other comprehensive income, and retained earnings. (c) Market...
No kitten that loves fish is unteachable. No kitten with a tail will play with a gorilla. Kittens with whiskers always love fish. No teachable kitten has green eyes. Kittens have tails unless they...
Problem 2-7 HW tw Completo Frances's Fine Fluffs, Inc., Year 1 - 20X1 Frances opened a Fluff business on January 1, 20X1. She planned to operate her business as a corporation, Frances's Fine Fluffs,...
Although appealing to more refined tastes, art as a collectible has not always performed so profitably. Assume that in 2015, an auction house sold a statute at auction for a price of $10,426,500....
On May 1, 2024, Meta Computer, Incorporated, enters into a contract to sell 6,000 units of Comfort Office Keyboard to one of its clients, Bionics, Incorporated, at a fixed price of $106,800, to be...
LaTanya Corporation is planning to issue bonds with a face value of $110,000 and a coupon rate of 6 percent. The bonds mature in seven years. Interest is paid annually on December 31. All of the...
Suppose you use Google Analytics to optimize your online adds. You run two different ads, ad A and ad B, for a month. What is a appropriate test statistics for the click rate and appropriate critical...
Each of the following reactions has been reported in the chemical literature and proceeds cleanly in good yield. Identify the principal organic product in each case.
The domain of the variable in the expression x 3/x + 4 is________.

What causes a firm to record a change in accounting principle? (a) Voluntary changes in accounting principles

Question:

Step by Step Answer:

Understanding Financial Statements

Students also viewed these Business questions