Question: A change in accounting estimate is Multiple Choice Reflected only in current and future financial statements Reflected in current and future financial statements and also

A change in accounting estimate is

Multiple Choice

Reflected only in current and future financial statements

Reflected in current and future financial statements and also requires modification of past statements

A change in a calculated amount used in the financial statements resulting from new information or subsequent developments and from better insight or improved judgment

Reflected in both current and future financial statements, and a change in a calculated amount is used in the financial statements resulting from new information or subsequent developments and from better insight or improved judgment

None of the choices are correct

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

6 A change in accounting estimate is Multiple Choice Reflected only in current and future financial statements Reflected in current and future financial statements and also requires modification of...

A change in an accounting estimate is: Multiple Choice Reflected in future financial statements and also requires modification of past statements. Considered an error in the financial statements. Not...

1 TB MC Qu . 0 8 - 7 5 ( Static ) A change in an accounting... A change in an accounting estimate is: Multiple Choice Reflected in past financial statements. Reflected in future financial statements...

TB MC Qu . 0 8 - 7 5 ( Static ) A change in an accounting... A change in an accounting estimate is: Multiple Choice Reflected in past financial statements. Reflected in future financial statements...

A change in accounting estimate is Multiple Choice None of these Reflected in current and future financial statements and also requires modification of past statements Both reflected only in current...

A change in an accounting estimate is: Multiple Choice Not allowed under current accounting rules. Considered an error in the financial statements. Reflected in past financial statements. Reflected...

A change in an accounting estimate is: Multiple Choice Reflected in past financial statements. Reflected in future financial statements and also requires modification of past statements. Reflected in...

A change in an accounting estimate is: Multiple Choice Reflected in past financial statements. Reflected in future financial statements and also requires modfication of post statements Reflected in...

Any change in accounting estimates: O A. Is reflected in current and future years' financial statements, not in prior statements. O B. is reflected in future financial statements and also requires...

A change in an accounting estimate is: 1 Reflected in past financial statements. 2 Reflected in future financial statements and also requires modification of past statements. 3 Reflected in current...

A and B are partners sharing profits equally. A drew regularly Rs. 4,000 at the end of every month for six months ended 30th September, 2018. Calculate interest on drawings @ 5% p.a. for a period of...

Pepper Corp. is an Australian dog toy producer specializing in kangaroo-shaped dog toys. It is looking to set up operations in New Zealand. The investment is expected to produce after-tax New Zealand...

A firm's income statement contains the following entries ( not in order ) : Depreciation Interest Expense Net Sales Taxes General and Administrative Expense $ 1 , 5 0 0 $ 5 , 0 0 0 Cost of Goods sold...

Skills necessary for success in marketing include Multiple select question. analytical thinking advertising industry experience infallibility ability to work with others

Do supervisors have HRD responsibilities? If so, how do they coordinate these with HRD professionals?

Explain the different types of intervention strategies: human-process based, techno-structural, sociotechnical, and organizational transformation

Explain the roles of a change agent, manager, and people within a system in developing an intervention strategy