1. It is impracticable to determine the cumulative effect of applying a change in accounting principle to any prior period. Why? 2. How do you report an accounting error? 3. How is a change in accounting policy presented? 4. The financial statements will be shared with investors who are not accounting professionals. How do you ensure that it will be effectively communicated? 5. Why is it that the statement of the stockholder's equity needs to be prepared prior to a balance sheet? 6. A chief financial officer (CFO) wants to increase the net income and assets on the financial statements in order to get a bank loan. The CFO increased revenues and accounts receivable by P750,000 to improve the financials even though there was not an actual sale to a customer for that amount. How is this behavior considered, according to accounting ethics standards? 7. What is a living expense