a. List several examples of areas for which changes in accounting estimates are often made. b. Explain
Question:
b. Explain briefly the proper accounting treatment for a change in estimate.
c. Why is this procedure considered proper for recording changes in accounting estimates?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (18 reviews)
a Examples of areas for which changes in accounting estimates are often made ...View the full answer
Answered By
FREDRICK MUSYOKI
Professional Qualities:
Solution-oriented.
Self-motivated.
Excellent problem-solving and critical thinking skills.
Good organization, time management and prioritization.
Efficient troubleshooting abilities.
Tutoring Qualities:
I appreciate students as individuals.
I am used to tailoring resources for individual needs.
I can integrate IT into student's lessons.
I am good at explaining concepts.
I am able to help students progress.
I have a wide curriculum knowledge.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Question Posted:
Students also viewed these Accounting questions
-
List several examples of factory overhead.
-
List several examples of contractual and equity-based alliances.
-
Why do changes in accounting estimates arise? Give examples of a change in accounting estimate and indicate how such a change should be accounted for.
-
Research about the competitive and comparative advantage of the Argentina in terms of physical and human resources and how it is making use of these resources for international trade purpose. 3....
-
Damage to grapes from bird predation is a serious problem for grape growers. The article "Experimental Method to Investigate and Monitor Bird Behavior and Damage to Vineyards" (Amer. J. of Enology...
-
AA Inc. granted a franchise to BB Inc. to operate its registered fast-food business. The contract was signed on January 1, 2023 with initial franchise fee of P1,000,000 payable in P400,000 cash and...
-
Tabletop Snow Zone is a ski field on the outskirts of Perth. It offers ski packages for the both experienced and novice skiers and also operates a caf and gear shop on the mountain. Tabletop Snow...
-
Dagwood has come to you with a pressing problem. In November 2000, he purchased an office building that he has rented out to various businesses. On May 2 of the current year, a fire swept through the...
-
1: In which case concerning the freedom of speech did Justice Oliver Wendell Holmes famously argue that the First Amendment wouldn't protect somebody yelling "fire" in a crowded theater? 2: When...
-
The diagram shows part of a membrane containing a channel protein. Part of the protein molecule is shaded. a. Identify the parts labelled A, B and C. b. For each of the following, state whether the...
-
What alternative procedures have been suggested as solutions for reporting accounting changes?
-
What is the proper way to account for a change in depreciation method?
-
A student obtains scores of 72 on Test X and 72 on Test Y. The student therefore concludes that there is a high correlation between Test X and Test Y. Why is this conclusion incorrect?
-
A large manufacturer purchases an identical component from three independent suppliers that differ in unit price and quantity supplied. The relevant data for 2009 and 2011 are given here. a. Compute...
-
Verify that the set of matrices (5.14) is closed under ordinary matrix multiplication. Data from Eq. 5.14 T(oc)= = 629 > - (+19) TOO) = (721) TO) = ( ). T(oa)= T(b) TO) -(11) T(4-(11) TO=(9) T(C3)= =
-
A major manufacturing company reports the quantity and product value information for 2007 and 2011 in the table that follows. Compute a weighted aggregate quantity index for the data. Comment on what...
-
Compute the price relatives for the four stocks making up the Boran index in exercise 20. Use the weighted aggregates of price relatives to compute the January 2011 and March 2011 Boran indexes. Data...
-
Use the price data in exercise 18 to compute a Paasche index for the shipping cost if 2011 quantities are 4000, 3000, 7500, and 3000 for each of the four products. Data From Exercise 18: Nickerson...
-
Prepare a schedule like that shown in Figure 11.12 for the following situation: The forecast for each period is 70 units. The starting inventory is zero. The MPS rule is to schedule production if the...
-
Give codons for the following amino acids: (a) Th (b) Asp (c) Thr
-
Assume the supply and demand curves for a good are given by the following equations: Qd = 1000 20P ; Qs = 5P. What is the equilibrium price and quantity?
-
In what way may the use of percentage depletion violate sound accounting theory?
-
In what way may the use of percentage depletion violate sound accounting theory?
-
In what way may the use of percentage depletion violate sound accounting theory?
-
Imagine yourself at a fair playing one of the midway games. Pick a game and calculate the expected value and post your results along with how you calculated them.
-
1. What is the ratio of 2 lengths which are 25 cm and 7.5 m respectively?
-
If f(x, t) does not depend on x, then we have x' = f(t), so that x(t) = (0 to t) f(u)du. Show that, in this case, the RK4 algorithm reduces to Simpson's rule.
Study smarter with the SolutionInn App