Explain briefly the difference in accounting treatment of (a) A change in accounting principle and (b) A

Question:

Explain briefly the difference in accounting treatment of
(a) A change in accounting principle and
(b) A change in accounting estimate.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

Question Posted: Jan 28, 2012 05:40 AM

See More Questions

Explain briefly the difference between an 'Emphasis of Matter' paragraph and an 'Other Matter' paragraph.
What is the difference in accounting for investments among investor-owned, not-for-profit, and governmental health care organizations?
What is the difference in accounting for involuntary or voluntary costs related to safety or environmental costs?
What is t he principle of motor?
Ethics are an important aspect of corporate culture. The tone at the top is part of what sets expectations for employees. Describe the tone at the top of your organization. If you were in charge,...
For Exercise 20, find the standard error of the estimate. Data from in Exercise 20 A researcher desires to know if the age of a child is related to the number of cavities he or she has. The data are...
a. What is meant by the term standard error of the mean? b. What is the formula for computing the standard error? c. What alternative terms may be used for this term?
The cash data of Big City Automotive for July 2014 follow: Big City Automotive received the following bank statement on July 31, 2014: Additional data for the bank reconciliation include the...
In California, a bill was passed that outlawed to ability of people to do their own repair work on computers and cars they own. The rationale was this would reduce pollution, but it would also...
Southwestern University (SWU), a large state college in Stephenville, Texas, 30 miles southwest of the Dallas/Fort Worth metroplex, enrolls close to 20,000 students. In a typical town-gown...
Fitzgerald Inc. issued $750,000 of 8-year, 11% notes payable dated April 1, 2007. Interest on the notes is payable semiannually on April 1 and October 1. The notes were sold on April 1, 2007, to an...
Under IASB standards, how is the cumulative effect of a change in accounting principle reported?
People often refer to a business as having a strong statement of financial position. What do they mean by this?
Given the following matrices: 214 A= -3 p 2 -1-25 01 B= q 3 4 0 Given that the determinant of A is 3, find the value of p O A. p = 3 OB.p=-2 C p = -3 ODP=2 4
2:21. Activity 4 EVAL... Activity: Module 3 Lesson 2 Group yourselves into 5 members per group. Each group will choose/identify one multimodal text (print advertisement) and insert the photo in your...
Rachel and Tala are in their early 40s and have two boys together, Callum (8) and Leroy (5). Rachel also has an adult daughter Ruby from a previous relationship. Rachel works full time in the...
The ultimate goal of this section is to generate a Java based project or game application of your choice, using all the Java concepts discussed in this course. Part 2: Instructions Develop Java...
In the questions below, display formulas and the steps necessary to acquire a solution. 1. Find the minimum cost solution for the following transportation problem which has cost structure as: To/From...
What are the elements of a cultural mindset?
If a and b are positive numbers, find the maximum value of f ( x ) = x a (9 x ) b on the interval 0 x 9.
Hospitals measure their volume in terms of patient-days. We calculate patient-days by multiplying the number of patients by the number of days that the patients are hospitalized. Suppose a large...
Addison Corporation has ten million shares of common stock issued and outstanding. On June 1 the board of directors voted a 60 cents per share cash dividend to stockholders of record as of June 14,...
The common stock of Warner Inc. is currently selling at $110 per share. The directors wish to reduce the share price and increase share volume prior to a new issue the per share par value is $10;...
The stockholders equity accounts of Lawrence Company have the following balances on December 31, 2010. Common stock, $10 par, 200,000 shares issued and outstanding............$2,000,000 Paid-in...
SWOT Analysis for Prime Org Strengths . . Powerful brand identity Strong product promotion by celebrities and influencers Robust distribution network Strong customer support Innovation and Product...
You are a consultant specializing in L & D, and you have been retained by one of the hotels of Small Ski Resort, a small, traditional ski resort in German speaking Switzerland that has been catering...
Imagine that you have been tasked with finding a new CRM software system for your organization. Please research online and identify at least two options you recommend. A few items to include within...

Explain briefly the difference in accounting treatment of (a) A change in accounting principle and (b) A

Question:

Step by Step Answer:

a The effects of a change in accounting principle that is applied to p...View the full answer

Intermediate Accounting

Students also viewed these Accounting questions