For accounting purposes, we classify accounting changes into three categories. What are they? Provide a short description of each.
Answer to relevant QuestionsThere are two basic accounting approaches to reporting accounting changes. What are they?Southeast Steel, Inc., changed from the FIFO inventory costing method to the LIFO method during 2010. How would this change likely be reported in the 2011 comparative financial statements?What action is required when it is discovered that a five-year insurance premium payment of $50,000 two years ago was debited to insurance expense? (Ignore taxes.)Three programmers at Feenix Computer Storage, Inc., write an operating systems control manual for Hill-McGraw Publishing, Inc., for which Feenix receives royalties equal to 12% of net sales. Royalties are payable annually on ...The Trump Companies, Inc. has ownership interests in several public companies. At the beginning of 2011, the company's ownership interest in the common stock of Milken Properties increased to the point that it became ...
Post your question