Example of achange in accounting principle, Accounting Basics

Example of achange in accounting principle

Which of the following is an example of achange in accounting principle?

1) A change indepreciation methods.
2) A change in theestimated useful life of a depreciable asset.
3) A change in theactuarial life expectancies of employees under a pensionplan.
4) Consolidating a newsubsidiary.

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Example of achange in accounting principle

Reference No:- TGS0555104

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Calculate the present value of a stream of income

Calculate the present value of a stream of income, when thediscount rate 8% and you earned:

Q : Perpetual inventory method

Prepare the July income statement for Wreckin Ronnie. Assume that Wreckin Ronnie uses the perpetual inventory method. Determine the inventory balances at the end of the first month of operations.

Q : The company was on sound financial footing

Information relative to litigation was not reported on the financial statements for fear it would drive the price of the company's shares down prior to a public offering.

Q : Create the appropriate journal entries to record any amounts

Prepare the appropriate journal entries to record any amounts that should be recorded and indicate whether a disclosure note is necessary.

Q : Example of achange in accounting principle

Which of the following is an example of achange in accounting principle?

Q : Change in estimate

Which of the following is a change in estimate?

Q : What amount of impairment loss should be recorded

The test revealed the following: book (carrying) value of division's assets, $26.5m, fair value less costs to sell, $21m, PV of future cash flows, $28m. Based on FRS 36, what amount of impairment loss should Numa record?

Q : Determine the revenues in balance sheet accounts

The company purchased a building on January 1, 2011. It cost $855,000 and is expected to have a $45,000 salvage value at the end of its predicted 30-year life. Annual depreciation is $27,000.

Q : Compare and contrast the primary restrictions

Compare and contrast the primary restrictions imposed upon taxpayers who lease or purchase vehicles for business use.

1941526

Questions
Asked

3,689

Active Tutors

1422959

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Example of achange in accounting principle

Reference No:- TGS0555104

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Calculate the present value of a stream of income

Q : Perpetual inventory method

Q : The company was on sound financial footing

Q : Create the appropriate journal entries to record any amounts

Q : Example of achange in accounting principle

Q : Change in estimate

Q : What amount of impairment loss should be recorded

Q : Determine the revenues in balance sheet accounts

Q : Compare and contrast the primary restrictions

What key finite resources that require conservation strategy

Discussion about oral contraceptive for pregnancy prevention

Problem regarding holistic integration of health

Evaluating progress of an adolescent client with bulimia

African-american male diagnosed with stage 1 hypertension

Do you plan to manage the emotional intensity of crisis work

What if someone wanted to stop drinking sugary drinks

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Example of achange in accounting principle

Reference No:- TGS0555104

Recent Questions Asked Accounting Basics

Q : Calculate the present value of a stream of income

Q : Perpetual inventory method

Q : The company was on sound financial footing

Q : Create the appropriate journal entries to record any amounts

Q : Example of achange in accounting principle

Q : Change in estimate

Q : What amount of impairment loss should be recorded

Q : Determine the revenues in balance sheet accounts

Q : Compare and contrast the primary restrictions

Asked Questions