Chapter 22accy 113

ACCY 113 Chapter 22 Accounting miscellaneas and Error Analysis In-Class Practice habit KEY 1. What are the quartette categories of versions discussed in this chapter and recognize by the history art? a. switch over in Principle b. transport in Estimate c. Change in Reporting Entity d. Changes collect to Errors 2. Give an example of each of the intravenous feeding categories? See acts A and B for example and modes used.- these will be on the midterm examination in some form. 3. What are the accounting treatments employed for these four categories: a. The General Rule: contemporary or Catch-Up fire and retroactive Approach When Required and the Special Change to last in first out rule not on the midterm, exclusively know there is a special treatment b. Current and Prospective Approach c. Retroactive Approach d. Retroactive Approach class achievement A How trades 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 occurrent year.

(a) Change from straight-line method of depreciation to sum-of-the-years-digits (b) Change from the cash family 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 launching of statements of individual companies to presentation of consolidated statements (e) Change due to failure to record depreciation in a previous peak (f) Change in the realizability of certain receivables (g) Change from LIFO to FIFO method for invent ory valuation purposes Solution Exercise A! (a) Change in accounting principle; cumulative get to on anterior years, net of tax; pro forma info; 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 arrange 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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