Professional Documents
Culture Documents
Listed Below Are Various Types of Accounting Changes and Errors
Listed Below Are Various Types of Accounting Changes and Errors
Listed Below Are Various Types of Accounting Changes and Errors
errors
Listed below are various types of accounting changes and errors.______ 1. Change in the
amortization period for a trademark.______ 2. Change from double-declining-balance method to
straight-line method of depreciation.______ 3. Change from FIFO to average-cost inventory
method.______ 4. Change from percentage-of-completion to completed-contract method on
construction contracts.______ 5. Change in equipment’s salvage value.______ 6. Change due
to understatement of inventory.______ 7. Change in the rate used to compute bad debt
expense.______ 8. Change from presenting unconsolidated to consolidated financial
statements.______ 9. Change from direct write-off to allowance method of accounting for bad
debts.______ 10. Change from LIFO to average-cost inventory method.InstructionsFor each
change or error, indicate how it would be accounted for using the following code letters:a.
Accounted for prospectively.b. Accounted for retrospectively.c. Neither of the above.View
Solution:
Listed below are various types of accounting changes and errors
SOLUTION-- http://expertanswer.online/downloads/listed-below-are-various-types-of-accounting-
changes-and-errors/