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1 pts Which of the following should be reported as a prior period adjustment? o Change in estimated lives of depreciable assets Change in estimated

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1 pts Which of the following should be reported as a prior period adjustment? o Change in estimated lives of depreciable assets Change in estimated sales returns and discounts Change in expected future bad debt reserves Change in the application of accounting principles The occurrence that most likely would have no effect on 2020 net income is the o collection in 2020 of a dividend from an investment. Ostock purchased in 2002 deemed worthless in 2020 sale in 2020 of an office building contributed by a stockholder in 1967. O correction of an error in the financial statements of a prior period discovered subsequent to their issuance. At the time a company prepays a cost O its credits a liability account to show the obligation to pay for the service in the future. O it debits an expense account to match the expense against revenues recognized. O it credits an asset account and debits an expense account. o it debits an asset account to show the service or benefit it will receive in the future. Which of the following is an example of an accrued expense? O Property taxes incurred during the year. to be paid in the first quarter of the subsequent year. O Depreciation expense. O Rent recognized during the period, to be received at the end of the year. O Office supplies purchased at the beginning of the year and debited to an expense account. The economic activities of General Electric and its subsidiaries are merged for accounting and reporting purposes. Which basic accounting assumption is best described by this statement? o Economic entity O Going concern Monetary unit Periodicity Yahoo! recognizes depreciation expense for a machine over the 2-year period during which that machine helps the company earn revenue. Which basic principle of accounting is best described by this statement? Measurement with historical cost O Expense recognition O Full disclosure Revenue recognition

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