Answer the questions listed below in detail.

1.What are the types of accounting changes? Give examples. Try to find a company that has reported an accounting change recently. What are the major reasons why companies change accounting methods? The Wall Street Journal has several examples.

2. What are accounting errors and how are they reported? What are the disclosure requirements for correction of errors? See FASB codification as backup.

3. Define a change in estimate and provide an illustration. When is a change in accounting estimate effected by a change in accounting principle?

4. Distinguish between counterbalancing and noncounterbalancing errors. Give an example of each.

5. Discuss how a change to the LIFO method of inventory valuation is handled when it is impractical to determine previous LIFO inventory amounts.