Chapter 22accy 113

ACCY 113 Chapter 22 Accounting miscellaneas and Error Analysis In-Class Practice habilitate KEY 1. What atomic number 18 the quartette categories of versions discussed in this chapter and recognize by the history art? a. turn in Principle b. spay in Estimate c. Change in Reporting Entity d. Changes due to Errors 2. Give an example of each of the quadruplet categories? See acts A and B for example and modes used.- these will be on the midterm exam in some form. 3. What are the accounting treatments employed for these four categories: a. The General Rule: on-going or Catch-Up barbel and retro Approach When Required and the Special Change to last in first out rule not on the midterm, dear know there is a special treatment b. Current and Prospective Approach c. Retroactive Approach d. Retroactive Approach class catch A How qualifys or corrections are recognized. For each of the pursuit items, indicate the type of accounting change and how each is recognized in the accounting records in the menstruation year.

(a) Change from straight-line method of depreciation to sum-of-the-years-digits (b) Change from the cash radical to accrual basis of accounting (c) Change from first in first out to last in first out method for inventory military rank purposes (d) Change from founding of statements of individual companies to presentation of consolidated statements (e) Change due to ill luck to record depreciation in a previous stream (f) Change in the realizability of certain receivables (g) Change from LIFO to FIFO method for inventory valuation pu rposes Solution Exercise A (a) Change i! n accounting principle; cumulative coach on preliminary years, net of tax; pro forma information; no restatement. (b) Correction of an error; restatement of financial statements of all prior periods presented; adjustment of beginning retained earnings of the current period. (c) Change in accounting principle; no cumulative erect or restatement; base inventory is the opening inventory of the period of change....If you want to motor a full essay, order it on our website: OrderCustomPaper.com

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