Accounting Changes And ERRAR Analysis: Accounting Change And Error Analysis

Submitted By hackingarena
Words: 9258
Pages: 38
Open Document
CHAPTER 22

ACCOUNTING CHANGES AND ERROR ANALYSIS

TRUE-FALSe—Conceptual
Answer No. Description F 1. Change in accounting estimate. T 2. Errors in financial statements. F 3. Adoption of a new principle. T 4. Retrospective application of accounting principle. F 5. Reporting cumulative effect of change in principle. T 6. Disclosure requirements for a change in principle. T 7. Indirect effect of an accounting change. T 8. Retrospective application impracticality. F 9. Reporting changes in accounting estimates. T 10. Change in principle vs. change in estimate. F 11. Accounting for change in depreciation method. F 12. Accounting for change in reporting entities. T 13. Example of a change in reporting entities. F 14. Accounting error vs. change in estimate. T 15. Accounting for corrections of errors. T 16. New principle created by FASB standard. F 17. Balance sheet errors. F 18. Definition of counterbalancing errors. T 19. Accounting for counterbalancing errors. T 20. Correcting entries for noncounterbalancing errors.

Multiple Choice—Conceptual
Answer No. Description b 21. Accounting changes and consistency concept. b 22. Identify changes in accounting principle. c 23. Identify a non-retrospective change. d 24. Identify a change in accounting principle. a 25. Entry to record a change in depreciation methods. c 26. Disclosures required for a change in depreciation methods. c 27. Change from percentage-of-completion to completed-contracts. d 28. Disclosures required for a change from LIFO to FIFO. b 29. Change from FIFO to LIFO. c 30. Change in accounting estimate. a 31. Change in accounting estimate. b 32. Identify a change in accounting estimate. b 33. Change in accounting estimate. c 34. Identify a change in accounting estimate. d 35. Identify a change in reporting entity. c 36. Retroactive reporting a change in reporting entity. c 37. Identify a correction of an error. b 38. Identification of counterbalancing errors.
Multiple Choice—Conceptual (cont.)
Answer No. Description c 39. Impact of failure to record purchase and count ending inventory. c 40. Impact of failure to record purchase and count ending inventory.

Multiple Choice—Computational
Answer No. Description b 41. Calculate cumulative effect of a change in depreciation method. b 42. Calculate cumulative effect of a change in depreciation method. c 43. Calculate net income with change in accounting principle with tax effects. d 44. Calculate cumulative effect of accounting change. c 45. Calculate depreciation expense after change in accounting principle. d 46. Calculate cumulative effect of a change on retained earnings. b 47. Calculate cumulative effect of a change on retained earnings. c 48. Compute depreciation expense after a change in depreciation methods. b 49. Calculate cumulative effect of a change in inventory methods. c 50. Calculate net income after a change to LIFO method. a 51. Calculate net income with change from FIFO to LIFO. b 52. Calculate depreciation after a change in estimate. a 53. Calculate net income with change in an accounting estimate. a 54. Determine depreciation expense after a change in estimated life. a 55. Compute effect of errors on income before taxes. c 56. Compute effect of errors on retained earnings. d 57. Calculate effect of errors on net income. c 58. Calculate effect of errors on working capital. c 59. Calculate effect of errors on retained earnings. a 60. Effect of errors on income and retained earnings. a 61. Calculate effect of errors on net income. b 62. Calculate effect of errors on retained earnings. c 63. Calculate effect of errors on working capital. d 64. Determine cumulative effect of error on income statement. c 65. Determine the understatement of retained earnings. a 66. Calculate effect of error on net income. c 67. Compute effect of error on retained earnings.
Show More

Related Documents: Accounting Changes And ERRAR Analysis: Accounting Change And Error Analysis

What Impact Have Digital Technologies Had on the Graphic Design Industry? Essay

the impacts that digital technologies have made on the graphic design process. This essay includes the history of technological changes and the tools that technology has created. The essay will also consist of the contributions that have been made by computers in the process of graphic design. The last part will consist of the negative impacts of technology on graphic design as well as the changes that have been achieved in graphic design as a result of technology advancements. This paper will expose…

Words 1447 - Pages 6

Essay about how to write it

definitions and quotes from the internet “…” Use footnotes, then full reference in the table on the last page. Introduction paragraph Explain what is the topic of your report and what you will try to achieve in your report (This could be done at the end) Shotover Jet 2001 Photo of the webpage Context What was happening in the world in the world that is related to your website? Economic situation, type of businesses Technology – find out how many people had Internet in NZ (compare it with today’s…

Words 310 - Pages 2

Unit 8 Ce3

involvement and contribution in the Group Project, which was to design an efficient network architecture at The Australian National University for increasing the performance and reliability of the existing network. This group project was done as part of the course assessment for “Digital Systems and Telecommunications” at The ANU and extended from July 2015 to May 2016 under the guidance of the project convenor Dr. Robert Lyle. I had the role of Design Engineer in designing a high performing and an efficient…

Words 919 - Pages 4

Unit 4 IP Essay

Internet Business Destiny Kolkman Management Information System AIU Online ABSTRACT This paper will discuss a hometown business located in Reno, Nevada named Casa Del Sol. It will discuss this business pertaining to creating a Internet business model. It will discuss which model would be appropriate for this business and their website page. This paper will also discuss how this business would benefit from having a website and what functions the website will perform for Casa Del Sol. This paper will…

Words 638 - Pages 3

Unit 5 Task 5 Communication

letters, e-mails, faxes, report and brochures. Video conferencing means using computers to provide a video-link between two or more people. Instead of just talking to someone by telephone, you are able to see them as well. Video communication is internet video links and video conferences. Oral communication is the process of expressing information or ideas by word of mouth. Learn more about the types and benefits of oral communication, and find out how you can improve your own oral…

Words 596 - Pages 3

Cis 210 Application Architecture

system for the company. Building a payroll program for a large organization with offices spread across the United States has many changelings and most be done in a particular way. Thus having the right application architecture is important where the design is concerned, because the company has one large data center that each office connects to via a wide area network (WAN). Hence the appropriate architecture for this situation would have to consist of a WAN diagram to be used in management of this project…

Words 1267 - Pages 6

Understanding Web Architecture and Components Essay

Johnmark Horton Friday Periods 3 + 4 Contents 1. Introduction 2. Internet Service Providers (ISP) 3. Web Hosting Services 4. Domain Names and Structures 5. Web Design Software 6. Conclusion 7. References Introduction Introduction In the modern world we use the Internet daily, from a Google search, to reading the news, to checking our emails. However the World Wide Web and the Internet are two completely different things, they have both come a long way from the…

Words 2870 - Pages 12

Dmca Code Of Ethics

The Digital Millennium Copyright Act (DMCA) was signed into law by President Bill Clinton in 1998. With the new advances in the internet, this legislation was put in to place to keep the copyright infringement laws current with the advancing digital age. The DMCA is the most significant change to U.S. copyright law since its last major revision in 1976. It was drafted by the top publishers, scientists, civil rights groups, and many other groups in the United States because their interests frequently…

Words 974 - Pages 4

Data Networking Architecture For The Future Internet

Data Networking Architecture for the Future Internet Ahmed Ali, a92ali@uwaterloo.ca Abstract—nowadays the most important thing the people want to cover after their basic needs “food, shelter, etc.”, they want the mobile phone that’s a global trend. Social media sites, smartphones, and other consumer devices including PCs and laptops have allowed billions of individuals around the world to contribute to the amount of big data available on the internet [11]. Then we would further raise a bold question…

Words 6491 - Pages 26

Essay on Unit 8 eCommerce P1

(DBMS). Network TCP/IP: TCP/IP is a protocol used to transfer data and information over a network such as the internet. TCP (Transfer Control Protocol) is a wired connection between different machines on the internet. A protocol is a rule of how connections are set up between two devices. Anyone using the internet to access an eCommerce website will use TCP/IP. IP stands for Internet Protocol and each device on a network has a fully unique IP address. When a shopper tries to access an eCommerce…

Words 1338 - Pages 6